// Landsec has acquired an additional 25% stake in shopping centre Bluewater
// The deal is worth £172 million and will complete in April 2022
Commercial property developer Landsec has acquired an additional 25% stake in shopping centre Bluewater from Lendlease Retail Partnership, in a deal worth £172 million.
Set to complete in April 2022, the deal represents a net initial yield of 8.15% and an equivalent yield of 8.25%.
A separate deal will also see Landsec sell 25% of the stake to co-owner M&G for its pro-rata share of the purchase price when the deal completes. At this point, the retail estate developer will own a 48.75% share in Bluewater.
Bluewater, which is the fifth largest shopping centre in the UK, is home to more than 330 stores, 40 cafés and restaurants and a 17-screen cinema. It has an annual turnover of around £1bn and serves more than 27 million visitors a year.
“We’re making this acquisition at a time when retail values and rents are starting to stabilise,” said Landsec’s managing director retail, Bruce Findlay.
“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.”