Landsec secures additional 25% stake in Bluewater

Bluewater shopping centre at night
Landsec has acquired an additional 25% stake in shopping centre Bluewater
// 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.


Read more: Landsec in talks to buy Lendlease’s 25% stake in Bluewater for £200m


“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.”

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2 COMMENTS

  1. Bluewater though has been dumbed down. Many premium brands gone and it’s getting no better than Lakeside now.

    No Jigsaw and no Whistles. One whole side from M and S to JL is completely empty of stores.

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