Landsec ups stake in Bluewater
Landsec has completed the acquisition of an additional 10% stake in the Bluewater shopping centre in Kent for £95m.
The real estate investment trust said the acquisition price represents a yield of 7.4%, based on the net rental income that the group’s existing investment is currently generating.
Landsec said that the acquisition increases its ownership interest in Bluewater to 74% and improves the operational flexibility of its overall investment, driving additional efficiency benefits.
Over the five months to 31 August 2026, retail sales at Bluewater were up 7.4% and footfall increased 3.0%, ahead of the UK national averages of -1.7% and 0% respectively.
Landsec first purchased a stake in the shopping centre in June 2014, taking 30% ownership. It then upped its interest by £172m in December 2021 and then by £120m in 2024.