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Landsec buys more of Bluewater shopping centre

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Landsec buys more of Bluewater shopping centre

Land Securities has paid another £120 million to top up its stake in Bluewater, in a deal that suggests the decade-long slide in retail property values might be over.

The FTSE 100 landlord has bought an extra 15.5 per cent share in the Kent shopping centre from GIC, the Singaporean sovereign wealth fund, taking Landsec’s overall stake up to 66.25 per cent.

The deal values Bluewater at around £686 million, barely a third what it was deemed to be worth ten years ago but roughly the same as in December 2021 when Landsec last increased its ownership level.

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

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