REG - Land Sec. Group PLC - Purchase of an additional 25% stake in Bluewater

Land SecuritiesAnnouncement

22/12/2021 07:00

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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
£172m 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
£1bn((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 £11 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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