LONDON: Hammerson plc today announced the completion of the acquisition of the remaining 50% stake in Westquay for £135m.
This gives the Company a 100% interest in a leading retail and leisure destination situated in the heart of the South Coast, which is A rated by Green Street.
The consideration will be funded by the proceeds received from Hammerson’s recent disposal of its stake in Value Retail.
Rita-Rose Gagne, CEO of Hammerson, commented: “This transaction is in line with our stated strategy. Combined with our recently enhanced funding position and disciplined approach to capital allocation, we are well placed to deliver growth and value creation”.
Westquay is located in a broad, affluent and growing catchment area by both population and employment. With 94,400m2 of internal lettable area, Westquay attracts over 17m visitors a year.
As at 31 August, Westquay was occupied by a diverse mix of global and national brands, including Apple, M&S, Pandora and Hugo Boss. Westquay continues to benefit from ongoing investment in the mix of brands and uses at the destination as well as greater activation of its unique public realm.