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 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.” 

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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 owner who has a long term vision for its success as a retail and leisure destination."

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

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.