Landsec takes control of Bluewater after growing stake in £120m deal
The FTSE 100 firm told shareholders on Tuesday it has acquired a further 17.5% stake in the Kent shopping centre.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Commercial property giant Land Securities (Landsec) has taken control of Kent’s Bluewater shopping centre, after striking a £120 million deal to increase its stake.
The FTSE 100 firm told shareholders on Tuesday it has acquired a further 17.5% stake in Bluewater from Singapore’s GIC.
The move has increased its ownership of the retail destination near Dartford to 66.25%.
It therefore values the shopping centre site at about £686 million, reflecting a valuation similar to when Landsec last upped its stake in 2021, but well below the £2.2 billion Bluewater was valued at in 2014.
Landsec said it expects the deal will increase its net rental income by £10.3 million a year, based on its income from the site over the past year.
Bluewater, which covers more than 240 acres and includes more than 300, shops, restaurants and entertainment venues, was launched in 1999.
Landsec said the fresh deal is part of a plan to increase investment in major retail destinations, despite recent challenges in the sector and property valuations.
Its strategy saw Landsec sell its entire hotel portfolio for about £400 million to Ares management earlier this year.
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.”
Shares in Landsec were down 0.1% to 629p on Tuesday.