Land Securities Group PLC (LON:LAND) Landsec has announced that it has completed the acquisition of an additional 17.5% stake in Bluewater from GIC for £120m, increasing its ownership in one of the UK’s leading retail destinations to 66.25%.
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 £10.3m on an annualised 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.
Bruce Findlay, Managing Director – Retail at Landsec 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.”
