Landsec has plans to acquire a 92 percent stake in Liverpool ONE, a major U.K. shopping center, for £490 million ($623 million) from Abu Dhabi Investment Authority (ADIA) and Grosvenor.
ADIA owns a 69 percent stake, while Grosvenor owns a 23 percent stake.
This acquisition aligns with Landsec’s strategy to enhance its investment in major retail destinations, expanding its portfolio to seven of the United Kingdom’s top 30 shopping centers, with expectations of meaningful rental income growth and an attractive return profile.
Opened in 2008, Liverpool ONE is one of the most modern major retail destinations in the United Kingdom, offering a strong mix of retail, food and beverage, and leisure brands that attract footfall of 22 million people per year. Retail sales have grown by 5 percent over the past 12 months, with new leases signed 10 percent above ERV, relettings and renewals 5 percent above previous passing rent, and overall occupancy of 96 percent. This
