Singapore's GIC buys 50% of Southampton's new Watermark complex for £48.5m
Singapore's sovereign wealth fund has splashed out £48.5 million on acquiring 50% of the newly opened Watermark leisure complex in Southampton.
GIC purchased the stake from shopping centre owner Hammerson.
The scheme, which encompasses nearly 183,000 sq ft (more than 17,000 sq m) and is part of the Westquay shopping centre complex, will provide £5.5 million of annual income for its owners when fully leased.
The development is currently 95% let, and boasts bowling, a cinema and restaurants such as Five Guys, Byron and Red Dog Saloon, many of which have taken their first locations outside London.
Madeleine Cosgrave, Europe regional head at GIC Real Estate, said: "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."
GIC is already Hammerson's joint venture partner for Westquay and the arrangement has now also been extended.