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HAMMERSON PLC - Hammerson to sell 50% of Watermark development in Southampton, UK to GIC

Release Date: 30/12/2016 09:00
Code(s): HMN     PDF:  
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Hammerson to sell 50% of Watermark development in Southampton, UK to GIC

Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE share code: HMSO JSE share code: HMN
ISIN: GB0004065016
(“Hammerson” or “the Company”)


Hammerson to sell 50% of Watermark development in Southampton, UK to GIC


Hammerson plc has contracted to sell 50% of Watermark, the newly-opened 17,000m2 dedicated
leisure and dining development adjacent to the Westquay shopping centre in Southampton, to
GIC, Singapore’s sovereign wealth fund and Hammerson’s Westquay joint venture partner, for a
total consideration of £48.5 million.


The development, which opened earlier this month, brings the total retail and leisure space at
Westquay to over 1 million square foot (93,500m2), reinforcing its role in Southampton as the
regional destination for southern England. When fully leased the scheme will provide stabilised
annual income of £5.5 million and is currently 95% let, offering customers a choice of over 20
restaurants including Five Guys, Bills, Cau, Franco Manca, Byron, Nando’s, Casa Brasil, Cosmo
and Red Dog Saloon, many of which have taken their first locations outside London. The leisure
offer also includes Hollywood Bowl and a 10-screen Showcase Cinema de Lux featuring laser
projection and advanced surround sound technology, which will open in February 2017.


The tenure of the Westquay joint venture between Hammerson and GIC has now also been
extended and Hammerson will receive a fee from the JV for the ongoing asset management of
the combined centre. The deal is expected to complete before the end of December 2016.


David Atkins, CEO of Hammerson, said: “GIC is one of our key joint venture partners and we are
pleased to take forward this relationship. 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.”


Madeleine Cosgrave, Regional Head, Europe, GIC Real Estate, said: “We are pleased to extend
our partnership with Hammerson, a leading operator of retail space in Europe, and our partner
since 2007. As a long-term investor, we focus on ensuring that income streams from our
investments are stable and resilient. To remain competitive in an age of e-commerce, retail
destinations need to offer attractive consumer leisure experiences to boost footfall and customer
retention. We believe Watermark’s diverse tenant mix and offerings will provide these
experiences and enable Westquay, which is already a prime regional mall, to continue generating
good returns over the long term.”



For further information:


Hammerson
David Atkins, CEO
020 7887 1000
Rebecca Patton, Head of Investor Relations
020 7887 1109
Lindsay Dunford, Head of Corporate Communications
020 7887 1115


GIC
Tess Chia, Vice President, Communications
+65 6889 8653
tesschia@gic.com.sg


Mah Lay Choon, Senior Vice President, Communications
+65 6889 6841
mahlaychoon@gic.com.sg


Hammerson has its primary listing on the London Stock Exchange and a secondary inward listing
on the Johannesburg Stock Exchange.


Joint Sponsors:
Deutsche Securities (SA) Proprietary Limited
Java Capital


30 December 2016
Notes to Editors:


About Hammerson
Hammerson is a FTSE 100 owner, manager and developer of retail destinations in Europe. Our
portfolio of high-quality retail property has a value of around £9 billion and includes 22 prime
shopping centres, 18 convenient retail parks and investments in 19 premium outlet villages,
through our partnership with Value Retail and the VIA Outlets joint venture. Key investments
include Bullring, Birmingham, Bicester Village, Dundrum Town Centre, Dublin and Les Terrasses
du Port, Marseille.


About GIC
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign
reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments
across a wide range of asset classes, including real estate, private equity, equities and fixed
income. In private equity, GIC invests through funds as well as directly in companies, partnering
with fund managers and management teams to help world-class businesses achieve their
objectives. GIC has investments in over 40 countries. Headquartered in Singapore, GIC employs
over 1,300 people across 10 offices in key financial cities worldwide. For more information on
GIC, please visit www.gic.com.sg.

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