Hammerson Sells 50% Stake in British Shopping Mall

Hammerson, a British real-estate company that also operates in France, said Tuesday it sold a 50% interest in WestQuay Shopping Centre, Southampton, to an affiliate of GIC Real Estate for 299 million pounds ($608.1 million; 441.8 million euros) in cash.

Hammerson and GIC Real Estate, the real estate investment arm of the Government of Singapore Investment, will each hold their respective 50% stakes in WestQuay in a joint venture partnership, with Hammerson acting as asset manager.

WestQuay had an asset value of 588 million pounds ($1.2 billion; 868.8 million euros) as of Dec. 31 and generates net rental income of about 25 million pounds a year ($50.9 million; 36.9 million euros). Hammerson will use the proceeds to finance its development program.