UK REIT Landsec has completed the acquisition of an additional 17.5% stake in Bluewater from GIC for £120 mln (€142 mln), increasing its ownership in the UK retail destinations to 66.25%.
Based on the income Landsec's existing investment in Bluewater generated over the year to March 2024, the acquisition increases the company's net rental income by £10.3 mln on an annualised basis.
Bruce Findlay, managing director - retail at Landsec said: '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.'
Bluewater, which opened in March 1999, today spans over 240 acres (97 ha) with more than 300 stores, restaurants, and entertainment venues. According to Landsec, it attracts over 27 million visitors annually.
