LONDON: Land Securities Group (Landsec) has completed the acquisition of an additional 17.5% stake in Bluewater from GIC for £120m, increasing its ownership in one of the UK’s leading retail destinations to 66.25%.
Based on the income Landsec’s existing investment in Bluewater generated over the year to March 2024, this acquisition increases the company’s net rental income by £10.3m on an annualised basis.
This transaction is in line with Landsec’s objective to grow its investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way.
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.”
Landsec, one of Europe’s largest real estate companies, focuses on constructing and investing in buildings, spaces, and partnerships. Their goal is to create sustainable environments, foster community connections, and unlock potential. By prioritizing environmental and social sustainability, Landsec aims to shape a better future. They deliver value to shareholders, provide exceptional experiences for guests, and drive positive change within communities.
Bluewater, a retail and leisure destination in the UK, has held a prominent position since its establishment in March 1999. Under Landsec’s management, it has evolved into a truly experience-led retail hub. Spanning over 240 acres, Bluewater features 300 stores, restaurants, and entertainment venues, drawing more than 27 million visitors annually. Its enduring appeal distinguishes it as a place that has stood the test of time, continually evolving to attract visitors well into the future, and setting the standard for experience-led retail and leisure destinations.
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