£200 million deal to buy out development partner
Hammerson has paid£203 million to buy Barclays Bank's 50 per cent interest in the WestQuay shopping centre in Southampton, giving it 100 per cent ownership of the scheme.

Opened in 2000, WestQuay was developed as a 50:50 joint venture between Hammerson and Barclays. The scheme, which provides 855,000 sq ft (75,900 sq m) of prime retail space, is anchored by John Lewis and Marks & Spencer and produces rental income of approximately£22 million a year.

Hammerson chief executive John Richards said: 'The transaction is in line with Hammerson's strategy of investing in and developing high-quality regional shopping centres, a sector which the group believes will continue to demonstrate above average returns over the next few years.'

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