Hammerson has sold a 50% stake in the
Hammerson and GIC Real Estate will now be joint venture partners and each hold a 50% share in WestQuay in a joint venture partnership, with Hammerson retained as asset manager.
WestQuay provides 820,209 sq ft of retail outlets including John Lewis and Marks & Spencer and generates a net rental income of approximately £25m pa.
Opened in 2000, WestQuay was developed in a 50:50 joint venture between Hammerson and Barclays, with Hammerson acquiring the latter’s 50% interest in December 2004.
John Richards, chief executive of Hammerson, said: “This sale demonstrates the continuing demand for prime retail assets and is in line with our strategy of recycling capital.
“We look forward to working with GIC Real Estate to further strengthen the dominant trading position WestQuay occupies in its prosperous catchment.”
CBRE advised Hammerson and Strutt & Parker advised GIC Real Estate.
