Hammerson sells 50 pc stake in West Quay
Published: 10 September, 2007
Page 1
Hammerson has sold a 50 per cent stake in its 800,000-sq ft West Quay shopping centre in Southampton to GIC Real Estate, the investment arm of the government of Singapore, for £299m.
GIC has become a major buyer of UK retail assets this year: in April it paid Capital Shopping Centres £426m for a 36 per cent stake in the MetroCentre, Gateshead. Hammerson will contine to manage West Quay on behalf of the new partnership.
Hammerson chief executive John Richards said: "This sale demonstrates the continuing demand for prime retail assets and is in line with our strategy of recycling capital." Hammerson was advised by CBRE and GIC Real Estate was advised by Strutt & Parker.
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