Landsec ups stake in Kent’s Bluewater

25th June 2024 | Jack Oliver

Landsec has completed the acquisition of an additional 17.5% stake of Bluewater in Kent from GIC for £120m, bringing its total ownership of the scheme to 66.25%.

The real estate investment trust said that based on the income its existing interest in Bluewater generated during the last financial year, the acquisition will increase its net rental income by an additional £10.3m a year.

Landsec said the transaction is in line with its objective to grow its investment in major retail destinations, recycling capital from recent disposals.

Bruce Findlay, managing director of 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 first purchased a stake in the shopping centre in June 2014, taking 30% ownership. It then upped its interest by £172m in December 2021, increasing its stake by a further 25 percent.


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