Landsec buys 25% stake in Bluewater for €202m

Landsec has completed the acquisition of an additional 25 percent share in Bluewater, one of the United Kingdom’s largest out-of-town shopping centers, located in North West Kent, 23 miles East of Central London, from Lendlease Retail Partnership.

In a separate deal, Landsec will sell 25 percent 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 percent.

Bluewater is the largest centers of its kind in the southeast of England. Tenants include Apple, Amazon 4 Star, John Lewis, Marks & Spencer, Primark, Zara, and a 13-screen Showcase Cinema.

Bruce Findlay, managing director, retail at Landsec said, “We’re making this acquisition at a time when retail values and rents are starting to stabilize. Together with our co-owners, we have a clear vision for Bluewater which builds on what is already a thriving retail destination.