Land Securities Acquires 30% Stake in Bluewater, Kent for GBP 656 Million
2014年6月25日 - 3:00PM
Marketwired
Land Securities Acquires 30% Stake in Bluewater, Kent for GBP 656
Million
LONDON, UNITED KINGDOM--(Marketwired - Jun 25, 2014) - Land
Securities (LSE: LAND) (PINKSHEETS: LSGOF) announces it has
acquired a 30% stake in the Bluewater shopping centre, Kent for a
cash consideration of £656 million from Lend Lease. In addition,
Land Securities has acquired the full asset management rights for
the centre and 110 acres of surrounding land for £40 million. The
overall net initial yield after expiry of rent free periods is
4.1%.
Lend Lease Retail Partnership owns 25% of the asset, M&G
Real Estate and GIC own 35% and Hermes and Aberdeen Asset
Management control 10%.
Bluewater is the UK's prime shopping destination outside central
London. It attracts 27 million visitors a year and its catchment is
one of the most affluent in the country. The centre totals 1.8
million sq ft and is home to over 330 retailers, cafes, bars and
restaurants, including Marks and Spencer, House of Fraser, John
Lewis, American Eagle, Victoria's Secret, Tommy Hilfiger, Jack
Wills, H&M and Zara. It also includes 13,000 parking
spaces.
Scott Parsons, Managing Director, Retail Portfolio at Land
Securities, said, "The acquisition of this interest in Bluewater is
part of the continued strategic shift of our retail portfolio
towards dominance, experience and convenience. This acquisition,
which increases our exposure to the South East, follows the recent
disposals of Overgate, Dundee and The Bridges, Sunderland, and
demonstrates the pace at which we are delivering on our
strategy.
"We see opportunity to improve returns at Bluewater by reducing
the void rate of 5.3% in line with our retail portfolio average of
2.6%, combining units to provide fewer, bigger units which are more
attractive to retailers, and improving the leisure and catering
offer. We are confident that our fresh approach to asset management
together with the South East's strong economy will deliver rental
growth as market confidence returns."
Notes to editors:
Land Securities is the UK's largest listed commercial property
company and a member of the FTSE 100. The company owns and manages
more than 24 million sq ft of property, from shopping centres to
offices, valued in excess of £11.8 billion.
This information is provided by RNS The company news service
from the London Stock Exchange
For further information, please contact: Land Securities Group
PLC Press Duncan Bonfield / Molly Neal T: +44 (0)20 7024 5463 /
5460 Duncan.Bonfield@landsecurities.com
Molly.Neal@landsecurities.com Investors Ed Thacker T: +44 (0)20
7024 5185 Edward.Thacker@landsecurities.com
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