HALF of Southamp-ton's WestQuay shopping centre has been sold for a whopping £203m.

Property investment company Hammerson bought up the remaining 50 per cent of the 33 acre site it didn't already own, from Barclays Bank.

The bank put together a 50/50 venture with Hammerson after financial problems forced the initial developer Imry to drop out and ownership of the site devolved to Barclays.

WestQuay was never a core business for the bank, and Barclays said now it was substantially let and successful, it had found a "natural exit point".

When the deal completes on December 13, Hammerson, which has stakes in a number of other major shopping centres in the UK including Birmingham's Bull Ring, will own 100 per cent of the scheme for the first time. Hammerson said it had funded the deal from "existing financial resources".

The centre, which cost £295m to build and employs 3,500 people, generates £22m in rents each year from the 100 retail units inside.

WestQuay witnessed incredible scenes in its opening weekend, when more than 150,000 curious shoppers crammed in, and has since had more than 60 million visitors.

Southampton is now reckoned to be the seventh most important retail centre in the UK.

Trevor Lacey, larger business relationship director for Barclays in Southampton, said: "The partnership has been very successful, with each company bringing their specialist skills to the party.

"Part ownership of a shopping centre does not fit with our UK strategy. It is, however, central to Hammerson's strategy and it therefore makes sense for them to take 100 per cent ownership. This is a natural exit point for us."

John Richards, chief executive of Hammerson plc, said: "On opening, it has transformed the retail offer of Southampton. The combination of a new John Lewis and a new M&S understandably added a new dimension to the retailing. Shoppers in the region have benefited from it and it is a catalyst for regeneration.

"This is an exciting opportunity to increase our investment in a prime shopping centre in a prosperous part of the country. The transaction is in line with Hammerson's strategy of investing in and developing high quality regional shopping centres, a sector which the group believes will continue to demonstrate above average returns over the next few years."