Landsec has acquired an additional 17.5% stake in Bluewater shopping centre in Kent from Singapore’s sovereign wealth fund GIC for £120 million.
This acquisition increases Landsec’s ownership in the premier retail destination to 66.25%.
Landsec said this acquisition increases the company’s net rental income by £10.3m on an annualised basis.
Bruce Findlay, Managing Director – 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.”
