Hammerson raises stake in Southampton's Westquay shopping centre

Property development and investment firm Hammerson has acquired another 50% stake in Southampton shopping centre Westquay for £135.0m, giving it a 100% interest in "a leading retail and leisure destination".

Hammerson said on Thursday that the consideration would be funded by the proceeds received from the recent disposal of its stake in Value Retail.

Chief executive Rita-Rose Gagne said: "This transaction is in line with our stated strategy. Combined with our recently enhanced funding position and disciplined approach to capital allocation, we are well placed to deliver growth and value creation"

As of 0940 GMT, Hammerson shares were up 1.80% at 293.80p.

Reporting by Iain Gilbert at Sharecast.com