Shopping centre giant Hammerson has secured full ownership of Westquay in a deal costing millions of pounds.

It was today revealed Hammerson completed the acquisition of the lease of Southampton shopping centre.

It bought the remaining 50 per cent stake for £135m.

Rita-Rose Gagne, CEO of Hammerson, 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.” 

Cllr Lorna Fielker, leader of Southampton City Council, praised the announcement.

She said: "It's great to see the future of Westquay secured under a single lease-holder who has a long term vision for its success as a retail and leisure destination."

Southampton City Council retains the freehold for the site. 

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Westquay attracts around 17 million visitors per year, and Hammerson said the move gives them a “100 per cent interest in the destination.”

Hammerson said they will continue to invest in the shopping centre by "attracting leading stores to build on our already strong line-up."

This line-up will be complemented with the "best leisure and eating out options."

A spokesperson said: “This is about continuing and growing our commitment to Westquay as we drive investment to make it the leading retail, leisure and lifestyle destination on the South Coast.

"National and global brands range from Apple, Lego and Space NK to Zara, M&S and John Lewis.

"Our leisure options include a cinema and bowling, and we have dozens of exciting food and drink offerings.

"Combined with our highly popular events, from Sound of Musicals to Skate at Westquay, we’re committed to keeping Westquay a thriving destination for families, friends and visitors to enjoy.”

The purchase comes four months after Hammerson sold off its stake in the owner of Bicester Village in a deal worth £1.5 billion.

The company announced the sale of its Value Retail business to private equity firm L Catterton in July.

Westquay was last valued at £283m which means Hammerson bought the 50 per cent stake at a four per cent discount, analysts at BNP Paribas said.