Landsec has acquired an additional 17.5 per cent stake in Bluewater from GIC for £120 million which increases its ownership of one of the UK’s leading retail destinations to 66.25 per cent.
On the basis of income generated by the group's existing investment in Bluewater during the year to March 2024, the acquisition will increase net rental income generated by its investment by £10.3 million on an annualised basis.
Bruce Findlay, Managing Director – Retail for Landsec, says: “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.
