IN-DEPTH: Land Securities pays Lend Lease £656m for Bluewater stake
Land Securities has announced its acquisition of a 30 percent stake in the Bluewater shopping center in the United Kingdom for £656 million, or £397 per square foot ($1.2 billion/$763 per square foot) from Lend Lease.
Land Securities has acquired the full asset management rights for the center and 110 acres of surrounding land for £40 million ($68 million), valuing the scheme at approximately £2.2 billion ($3.7 billion) overall. The overall net initial yield after expiry of rent-free periods is 4.1 percent.
“The acquisition of this interest in Bluewater is part of the continued strategic shift of our retail portfolio toward dominance, experience and convenience,” says Scott P