Land Securities acquires 30% stake in Bluewater
Land Securities has paid Lend Lease Corporation Â£656 million for a 30% stake in the Bluewater shopping centre in Kent.
The company has also acquired the full asset management rights for the centre and 110 acres of surrounding land for £40 million.
The deal means that Lend Lease now owns 25% of the asset. M&G Real Estate and GIC own 35% while Hermes and Aberdeen Asset Management control 10%.
Bluewater is one of the UK’s prime shopping destinations outside central London and attracts 27 million visitors a year. The centre totals 1.8 million sq ft and is home to over 330 retailers, cafes, bars and restaurants, including Marks and Spencer, House of Fraser, John Lewis, American Eagle, Victoria’s Secret, Tommy Hilfiger, Jack Wills, H&M and Zara.
Scott Parsons, managing director of the retail portfolio at Land Securities, said: “The acquisition of this interest in Bluewater is part of the continued strategic shift of our retail portfolio towards dominance, experience and convenience. This acquisition, which increases our exposure to the South East, follows the recent disposals of Overgate, Dundee and The Bridges, Sunderland, and demonstrates the pace at which we are delivering on our strategy.”
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