GIC sells its 50% stake in Westquay mall at £164 million loss amid UK retail downturn
In June, the sovereign wealth fund sold its 17.5% stake in Bluewater Shopping Centre for £120m, over 60% discount to the £318m it paid
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SOVEREIGN wealth fund GIC has divested its 50 per cent stake in UK shopping centre Westquay for £135 million (S$231.5 million). Comparing the sale price with the original purchase price of £299 million in 2007 reveals a loss of £164 million.
The buyer was Hammerson, a London-based real estate investment trust, which announced the purchase. With GIC’s divestment, Hammerson now has complete ownership of the shopping centre.
This follows GIC’s earlier sale of another UK shopping centre. In June, the sovereign wealth fund sold its 17.5 per cent stake in Bluewater Shopping Centre in Kent to property developer Land Securities Group (Landsec) for £120 million – a more than 60 per cent discount to the £318 million it paid in 2005.
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