Urban real estate giant Hammerson snaps up remaining stake in Southampton's Westquay
Hammerson, the urban real estate operator and development giant, has completed the acquisition of the remaining 50% stake in Southampton shopping hub Westquay for £135 million (m) to be paid for from the recent disposal of its stake in Value Retail.
It gives the firm a 100% interest in a leading retail and leisure destination on the south coast, which is 'A' rated by Green Street, Hammerson said in a statement.
Rita-Rose Gagne, CEO of Hammerson, said: "This transaction is in line with our stated strategy.
"Combined with our recently enhanced funding position and disciplined approach to capital allocation, we are well placed to deliver growth and value creation."
Westquay sits near Southampton High Street, in an affluent and growing catchment area by both population and employment.
It has 94,400 sq m of internal lettable area and attracts more than 17m visitors a year.
At the end of August this year, it was home to a mix of global and national brands, including Apple, M&S, Pandora and Hugo Boss.
