30th Dec 2016 07:14
LONDON (Alliance News) - Hammerson PLC on Friday said it is selling a 50% stake in the Watermark development in Southampton to Singapore sovereign wealth fund GIC Private Ltd for GBP48.5 million.
The FTSE 100 retail property investor said the Watermark development is located adjacent to the Westquay shopping centre and comprises of 17,000 square metres of leisure and dining space. GIC is Hammerson's joint venture partner for the Westquay centre.
Hammerson said the development, which opened earlier this month, brings the total retail and leisure space at Westquay to more than 1.0 million square foot. When fully leased, the scheme should provide stabilised annual income of GBP5.5 million. The development is currently 95% let.
The tenure of the Westquay joint venture between Hammerson and GIC has also been extended and Hammerson said it will receive a fee from the joint venture for the ongoing asset management of the combined centre. The deal is set to complete before the end of December, Hammerson said.
"GIC is one of our key joint venture partners and we are pleased to take forward this relationship," said Hammerson CEO David Atkins.
"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," Atkins added.
By Hannah Boland; [email protected]; @Hannaheboland
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