WestQuay Shopping Centre
From Taighde
On 17 July 2007, GIC RE, a subsidiary of Government of Singapore Investment Corporation announced that it had acquired a 50% interest from Hammerson plc in the WestQuay Shopping Centre in Southampton for approximately £299 million. Hammerson and GIC Real Estate will each hold their respective 50% interests in WestQuay in a joint venture partnership, with Hammerson retained as asset manager.
On 31 December 2006, WestQuay's book value was £588 million, plus another £25 million per annum of net rental income. 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. The scheme provides 76,200 m² of retail accommodation anchored by John Lewis and Marks & Spencer.
