Land Securities Group has paid £120 million ($152 million) to increase its stake in the Kent-based Bluewater, one of the United Kingdom’s leading shopping centers.
The London-based commercial property investment company has bought an additional 17.5 percent stake in Bluewater from GIC, for increasing its ownership to more than 66 percent.
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 £10.3 million ($13.06 million) on an annualized 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.
“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 United Kingdom’s