Hammerson To Sell 50% Stake Of New Southampton Leisure Centre
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Hammerson sold its 50% stake in Watermark, the newly opened 183k SF leisure and dining development adjacent to the Westquay shopping centre in Southampton. GIC, Singapore’s sovereign wealth fund and Hammerson’s Westquay joint venture partner, spent £48.5M to own the project outright.
The development, which opened earlier this month, brings the total retail and leisure space at Westquay to over 1M SF. When fully leased, the scheme will provide stabilised annual income of £5.5M. It's 95% let.
The tenure of the Westquay JV between Hammerson and GIC has been extended, and Hammerson will receive a fee from the JV for the ongoing asset management of the combined centre.