Hammerson sells Watermark stake

Hammerson has sold 50 per cent of Watermark, the newly opened 180,000-sq ft leisure and dining development adjacent to the Westquay shopping centre in Southampton, to GIC, Singapore’s sovereign wealth fund. GIC is already Hammerson’s joint venture partner in the rest of the Westquay complex.

The development, which opened in December 2016, brings the total retail and leisure space at Westquay to over 1 million sq ft, reinforcing its role in Southampton as the regional destination for southern England. When fully leased the scheme will provide stabilised annual income of £5.5m pa and is currently 95 per cent let, offering customers a choice of over 20 restaurants including Five Guys, Bills, Cau, Franco Manca, Byron, Nando’s, Casa Brasil, Cosmo and Red Dog Saloon, many of which have taken their first locations outside London.

Hammerson CEO David Atkins said: “The new restaurant and leisure complex at Watermark is the largest development of its kind in the UK, showcasing our skills in creating consumer-led destinations that cater to the family experience, bringing exciting new restaurants, the most technologically advanced cinema in Europe and a stunning new Esplanade alongside the historic city walls.”

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