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Landsec Purchases Additional 25% in Bluewater

Landsec Purchases Additional 25% in Bluewater
24 December 2021
 

Landsec has announced that it has acquired an additional 25 per cent share in Bluewater for £172 million.

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. 

Opening in 1999, 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. Based in North West Kent (23 miles East of Central London), it features 300 stores and over 50 bars, restaurants and cafes. It has an annual turnover in excess of £1 billion and a catchment population of 3.9 million people.

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.”

The acquisition follows the recent announcement that Landsec has created a new brand account management team alongside a new operating model for its retail business, as the Group accelerates its “reimagine retail” strategic pillar.

Picture: a photograph of the Bluewater site from above. Image Credit: Bluewater

Article written by Ella Tansley | Published 24 December 2021

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