Hammerson acquires remaining 50% stake in Southampton’s Westquay

Hammerson has taken full control of Westquay in Southampton after acquiring the remaining 50% stake for £135m.

The real estate investment trust said the acquisition has been funded by the proceeds received from its recent disposal in Value Retail, the owner of outlet centres including Bicester Village.

The stake was acquired from Hammerson’s joint venture partner, Singaporean fund GIC.

Westquay spans over 1 million sq ft and is one the South Coast’s premier retail and leisure destinations. Retail tenants at the scheme include M&S, FatFace, Superdry, Next, Zara, H&M, Apple, Hollister, Jack Wills, New Look, and Waterstone’s, whilst its F&B offer includes the likes of CAU, Five Guys, Franco Manca, The Diner, Red Dog Saloon, Bill’s, Byron, Pizza Express, Wagamama, Tortilla, Nando’s, Yo! Sushi, and Handmade Burger Co.

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”.