Landsec has closed a deal to buy an additional 17.5% stake in Bluewater shopping centre in Kent from Singaporean sovereign wealth fund GIC, for £120m.
The deal takes Landsec’s stake in the centre to 66.25%. Its other owners are M&G Real Estate, Royal London Asset Management and Aberdeen Standard Investments.
Landsec said the acquisition would increase the company’s net rental income by £10.3m on an annualised basis, based on the income generated from its existing investment in Bluewater during the year to March 2024.
The owner, which manages the mall, added that the transaction aligned with aims to “grow its investment in major retail destinations” and recycle capital from non-core disposals in an “earnings-accretive way”.
Bruce Findlay, managing director for retail at Landsec, said: “This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles. Bluewater is one of the UK’s top retail destinations and a key part of our strategy to further build our relationships with key brands.”
Photo from Landsec
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