Landsec in talks to buy Lendlease’s 25% stake in Bluewater for £200m

Landsec is reportedly in discussions with Lendlease to acquire a 25 per cent stake in its Bluewater Shopping Centre in Kent in a £200 million deal.

If the deal goes ahead, Landsec will take majority control of the 1.8 million sq. ft Dartford mall, increasing its stake to 55 per cent.

Sources familiar with the talks confirmed Landsec and Lendlease are close to agreeing the deal, Property Week reported.

Landsec is considering increasing its holding further, potentially taking full ownership of the centre if the remaining shareholders agree to sell.

The remaining ownership would be split between M&G Real Estate (17.5 per cent), Singapore sovereign wealth fund GIC (17.5 per cent), Royal London Asset Management (7.5 per cent) and Aberdeen Asset Management (2.5 per cent).

In 2014, Landsec bought 30 per cent of Bluewater from Lendlease for £656 million, which would have valued its remaining 25 per cent at around £547 million at the time.

Bluewater, which is the fifth largest shopping centre in the UK, is home to more than 330 stores, including three anchors, 40 cafés and restaurants, and a 17-screen cinema.

… visit Retail Gazette to read full story

Main image: credit Retail Gazette 

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