Landsec purchases an additional 25% stake in Bluewater
Landsec has completed the acquisition of an additional 25% stake in Bluewater from Lendlease Retail Partnership for £172 million.
In a separate deal, Landsec will sell 25% of this share to co-owner M&G for its pro rata share of the purchase price with the deal completing in April 2022, at which point Landsec’s ownership of Bluewater will be 48.75%.
Bruce Findlay, managing director, retail at Landsec, said, “We’re making this acquisition at a time when retail values and rents are starting to stabilise. Together with our co-owners, we have a clear vision for Bluewater which builds on what is already a thriving retail destination. This investment underlines our strategic commitment to major retail destinations that offer something that can’t easily be replicated online.”
Situated in north west Kent, Bluewater has an annual turnover of more than £1 billion and benefits from a catchment population of 3.9 million. Retailers with a presence at the shopping centre include the likes of Apple, Amazon 4 Star, John Lewis, Marks & Spencer, Primark, and Zara.
The acquisition follows the recent announcement that Landsec has created a new brand account management team alongside a new operating model for its retail business as part of plans to accelerate its ‘reimagine retail’ strategy.
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