Landsec purchases an additional 25% stake in Bluewater
Landsec has confirmed the acquisition of an additional 25% share in Bluewater Shopping Centre from Lendlease Retail Partnership for £172 million.
Landsec added that in a separate deal, which is expected to be complete in April 2022, it will sell 25% of this share to Bluewater co-owner M&G. By May 2022, Landsec’s ownership of Bluewater will be 48.75%.
Bluewater is one of the UK's largest out of town shopping centres and the largest of its kind in the South East of England, located circa 23 miles East of Central London.
It has an annual turnover in excess of £1bn and features brands including Apple, Amazon 4 Star, John Lewis, Marks & Spencer, Primark, and Zara alongside a cinema.
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.”
