Singapore’s GIC sells Bluewater shopping centre stake to Landsec for £120m

Singapore’s sovereign wealth fund GIC has sold its 17.5% interest in UK shopping centre Bluewater to existing majority shareholder Landsec for £120m (€142m).

UK real estate company Landsec said the acquisition of the additional stake increases its ownership in the UK retail destination to 66.25%.

The Bluewater shopping centre’s minority shareholders include M&G Real Estate, Royal London Asset Management and Abrdn.

Landsec said the deal is in line with the firm’s strategy to grow its “investment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way”. 

Last month, Landsec sold its entire hotel portfolio to Ares Real Estate funds and EQ Group for £400m as part of its plan to focus its resources on core sectors with a “competitive advantage”. 

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

Findlay added: “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.”

Landsec said based on the income its existing investment in Bluewater generated over the year to March 2024, this acquisition increases the company’s net rental income by £10.3m on an annualised basis.

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