Lendlease is selling its 25% stake in Bluewater shopping centre, Kent, which is valued at around £600m.
The decision to sell forms part of its strategy to wind down its £900m closed-ended fund, Lendlease Retail LP.
It has instructed Macquarie Capital to sell the interest in the 1.8m sq ft shopping centre.
A spokesperson for Lendlease said: “We can confirm Lendlease Retail LP has commenced a process to sell its 25% holding in Bluewater, which is being managed by Lendlease and Macquarie Capital (Europe).”
In October 2016 Lendlease held a vote seeking to extend the life of the fund to 2024, but was unable to secure full commitment from investors.
Hermes is also selling its 7.5% stake in the shopping centre through HP4 for around £167m.
The other stake holders are M&G Real Estate, GIC, and Aberdeen Asset Management.
Bluewater is asset managed by Landsec, which owns a 30% stake bought from Lendlease in 2014, and investors in the fund pay an asset management fee as well as a fund management fee.
The other asset owned by the Lendlease fund is Touchwood shopping centre in Solihull, which is valued at more than £300m.
The Lendlease Retail Partnership is managed by Ali Abbas. The fund makes up all of Lendlease’s funds under management in Europe.
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