Landsec has completed the acquisition of an additional 17.5% stake in Bluewater shopping centre from GIC for £120m, increasing its ownership to 66.25%.
Landsec said that based on the income its existing investment in Bluewater generated over the year to March 2024, the acquisition would increase its net rental income by £10.3m.
Bruce Findlay, Landsec managing director – retail, 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.”
