Institutional landlord Landsec has upped its stake in shopping centre Bluewater and agreed to sell a share to co-owner M&G as Covid continues to stabilise retail values and rents.
Landsec announced to the City this morning (December 22) that it had completed the acquisition of an additional 25% share in Kent shopping centre Bluewater from Lendlease Retail Partnership for £172m.
In a separate deal, also announced this morning, Landsec said it had agreed to sell 25% of this share to co-owner M&G for its pro rata share of the purchase price with the deal completing in April 2022, at which point Landsec’s ownership of Bluewater will be 48.75%.
The landlord said Bluewater has an annual turnover of £1bn, services a catchment area of nearly 4 million customers and features stores such as Amazon 4 Star, John Lewis, Marks & Spencer, Primark and Zara.
Landsec managing director retail Bruce Findlay 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.”
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