AXA IM – Real Assets is in talks to buy Lendlease’s 25% stake in the Bluewater shopping centre in Kent.
Lendlease put the stake in the 1.8m sq ft centre up for sale in June last year for around £600m and forms part of its wind down of its £900m Lendlease Retail LP fund.
The Australian investor, fund manager and developer has decided to sell its stake separately to Singaporean sovereign wealth fund GIC, which had agreed to consider bids for their combined stakes together.
GIC owns a 17.5% stake valued at around £400m that is for sale through Knight Frank.
In September a 7.5% stake was traded for £155m by Hermes, which sold to Royal London Asset Management.
The remaining 20% is owned by M&G Real Estate (17.5%) and Aberdeen Asset Management (2.5%).
Macquarie Capital is advising Lendlease.
To send feedback, e-mail david.hatcher@egi.co.uk or tweet @hatcherdavid or @estatesgazette
