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Hammerson Sells 50% of WestQuay for $612M

LONDON-The REIT is selling half of the John Lewis and Marks & Spencer center to GIC Real Estate.

By Debra Hazel | Updated on July 18, 2007

LONDON-New REIT Hammerson plc is cashing in on some of its portfolio, selling a 50% interest in WestQuay Shopping Centre in Southampton, England, for £299 million ($612 million) in cash after disposal costs to an affiliate of GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corp.

The 76,200-sm (820,000-sf) center is anchored by John Lewis and Marks & Spencer. The two companies will each hold a 50% interest in WestQuay in a joint venture partnership, with Hammerson retained as asset manager. Hammerson became a REIT earlier this year.

“This sale demonstrates the continuing demand for prime retail assets and is in line with our strategy of recycling capital,” John Richards, CEO of Hammerson, says in the announcement. “We look forward to working with GIC Real Estate to further strengthen the dominant trading position WestQuay occupies in its prosperous catchment. WestQuay was Hammerson’s single largest investment asset.”

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