Hammerson is to sell 50% of the new Watermark leisure development in Southampton to GIC, Singapore’s sovereign wealth fund.
The deal, worth £48.5m, is expected to be complete before the end of the year. Hammerson and GIC formed a joint venture to develop both Watermark and the adjoining Westquay centre.
Hammerson will receive a fee from the jv for the ongoing asset management of the combined centre.
The Watermark complex is a mix of shops and restaurants, with a Hollywood Bowl and a Showcase Cinema de Lux with 10 screens.
David Atkins, chief executive of Hammerson, said: “GIC is one of our key joint venture partners, and we are pleased to take forward this relationship.
“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,” he said.
Madeleine Cosgrave, regional head of Europe at GIC Real Estate, said: “We are pleased to extend our partnership with Hammerson, a leading operator of retail space in Europe, and our partner since 2007.
“We believe Watermark’s diverse tenant mix and offerings will provide these experiences and enable Westquay, which is already a prime regional mall, to continue generating good returns over the long term.”
