GIC, Singapore’s sovereign wealth fund, has sold its 50 percent stake in U.K. shopping center Westquay to Hammerson, a U.K. REIT, for £135 million ($172 million), representing a loss of £164 million ($208 million) from GIC’s 2007 purchase price of £299 million ($380 million), according to Singapore’s The Business Times.
With GIC’s divestment, Hammerson now retains full ownership of the asset, which is A rated by Green Street and situated in the heart of the South Coast.
In June, GIC sold its 17.5 percent stake in another U.K. shopping mall, Bluewater Shopping Centre, to property developer Land Securities Group for £120 million ($150 million), representing a more than 60 percent discount to the £318 million ($404 million) GIC paid in 2005, notes The Business Times.