The 76,200-sm (820,000-sf) center is anchored by John Lewis andMarks & Spencer. The two companies will each hold a 50%interest in WestQuay in a joint venture partnership, with Hammersonretained as asset manager. Hammerson became a REIT earlier thisyear.

"This sale demonstrates the continuing demand for prime retailassets and is in line with our strategy of recycling capital," JohnRichards, CEO of Hammerson, says in the announcement. "We lookforward to working with GIC Real Estate to further strengthen thedominant trading position WestQuay occupies in its prosperouscatchment. WestQuay was Hammerson's single largest investmentasset."

Hammerson developed the project, which opened in 2000, in a50/50 joint venture with Barclays. Hammerson acquired the latter'sinterest in 2004, and will use the proceeds from this most recenttransaction to finance its development program, estimated at £6billion ($12.3 billion).