Land Securities Group PLC lifts share in Bluewater shopping centre to
The deal represents a net initial yield of 8.15% and an equivalent yield of 8.25%
Land Securities Group PLC (LSE:LAND) said it acquired an additional 25% share in Bluewater shopping centre from Lendlease Retail Partnership for £172mln, representing a net initial yield of 8.15% and an equivalent yield of 8.25%.
Separately, the property company will sell 25% of this share to co-owner M&G for its pro rata share of the purchase price.
When the deal completes in April 2022, Landsec’s ownership of Bluewater will be 48.75%.
Bluewater, located in north west Kent, is the largest out of town shopping centre in the south east of England with an annual turnover around £1bn and a catchment population of 3.9 million people.
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.”
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