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Landsec ups Bluewater stake with £120m investment
(Sharecast News) - Real estate group Landsec has raised its stake in Kent's Bluewater Shopping Centre to 66.25% after a further £120m investment. The company announced on Tuesday it had completed the acquisition of an additional 17.5% shareholding from Singaporean investment firm GIC.
Bluewater, located in Stone just outside the M25, is home to 300 units across 1.85m square feet of retail, leisure and hospitality space, and sees annual footfall of 28m, according to Landsec.
The deal raises Landsec's net rental income by £10.3m on an annualised basis, based on the income the company received in its latest financial year.
Landsec said the investment was in line with its strategy to grow investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way.
"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," said Landsec's managing director of retail, Bruce Findlay.
Bluewater, which is managed by Landsec, is also owned by M&G Real Estate, Royal London Asset Management and Schroders.
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