Land Securities Group PLC Purchase of an additional 25% stake in Bluewater (4135W)
22 Dicembre 2021 - 7:59AM
UK Regulatory
TIDMLAND
RNS Number : 4135W
Land Securities Group PLC
22 December 2021
22 December 2021
Land Securities Group PLC ('Landsec')
Landsec announces the purchase of an additional 25% stake in
Bluewater
Landsec has today announced that it has completed the
acquisition of an additional 25% share in Bluewater from Lendlease
Retail Partnership for GBP172m representing a net initial yield of
8.15% and an equivalent yield of 8.25%.
In a separate deal, Landsec will sell 25% 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%.
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 GBP1bn(1) and a catchment
population of 3.9 million 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."
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.
Ends
(1) Pre-Covid turnover for the year ending 31(st) March 2020, inclusive of VAT.
About Landsec
At Landsec, we build and invest in buildings, spaces and
partnerships to create sustainable places, connect communities and
realise potential. We are one of the largest real estate companies
in Europe, with a GBP11 billion portfolio of retail, leisure,
workspace and residential hubs. Landsec is shaping a better future
by leading our industry on environmental and social sustainability
while delivering value for our shareholders, great experiences for
our guests and positive change for our communities.
Find out more at landsec.com
Please contact:
Press Investors
Chris Hogwood Ed Thacker
+44 (0) 7869 140 323 +44 (0) 20 7024 5185
chris.hogwood@landsec.com edward.thacker@landsec.com
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END
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