The company has today announced that it has completed the acquisition of an additional 25 per cent share in Bluewater from Lendlease Retail Partnership for £172M.
In a separate deal, Landsec will sell 25 per cent of this share to co-owner M&G for its pro rata share of the purchase price with the deal completing in April 2022, at which point Landsec’s ownership of Bluewater will be 48.75 per cent.
Located in North West Kent, circa 23 miles East of Central London, Bluewater is one of the UK’s largest out of town shopping centres and the largest of its kind in the South East of England. With an annual turnover in excess of £1bn and a catchment population of 3.9M people, Bluewater is home to strong brands including Apple, Amazon 4 Star, John Lewis, Marks & Spencer, Primark, and Zara alongside a 13-screen Showcase Cinema ranked in the top 5 cinemas in the UK based on box office takings.
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.”
