23rd Oct 2014 14:50
LONDON (Alliance News) - Commercial property company Land Securities Group PLC Thursday said it has bought a 1.6% stake in Lend Lease Retail Partnerships for GBP12.8 million, further increasing its interest in the Bluewater shopping centre in Kent.
Lend Lease Retail Partnership's major investment is a 25% stake in Bluewater, meaning that Land Securities' economic interest in the shopping centre will rise by 0.4%.
Land Securities took a direct 30% stake in Bluewater in June, buying it from Australian property business Lend Lease Group in a deal worth GBP656 million in cash. It also acquired the full asset-management rights for the centre and 110 acres of surrounding land for GBP40 million.
The centre totals 1.8 million square feet and is home to over 330 retailers, including House of Fraser and John Lewis. It also includes 13,000 parking spaces.
After Land Securities' June deal to buy the 30% stake from Lend lease, the Lend Lease Retail Partnership continuef to own 25% of Bluewater, while M&G Real Estate and GIC Private Ltd own 35%, and Hermes and Aberdeen Asset Management control 10%.
Lend Lease Retail Partnership also owns all of the Touchwood shopping centre in Solihull.
Land Securities shares were up 0.5% at 1,091.76 pence Thursday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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