Landsec has completed the acquisition of an additional 17.5% stake in Bluewater from Singapore-based GIC in a deal worth £120m.

The move increases Landsec’s ownership in Kent’s Bluewater shopping centre to 66.25%.

Landesec, one of the largest real estate companies in Europe, has a portfolio of retail, leisure, workspace and residential hubs.

The group said the transaction is in line with its objective to grow its investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way.

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 £10.3m on an annualised basis.

“This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles,” said managing director – retail at Landsec, Bruce Findlay.

“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.”

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