Landsec has gained a 92% stake in Liverpool ONE shopping centre for 拢490m (鈧�593m) through the acquisition of a 69% share from the Abu Dhabi Investment Authority (ADIA) and a 23% share from Grosvenor Property UK.
The transaction includes certain performance-related overage provisions with ADIA.
Opened in 2008, Liverpool ONE attracts 22m visitors annually, with footfall increasing by 5% over the past year.
Landsec said the acquisition is in line with its strategy to expand its portfolio of major retail destinations, using proceeds from its 拢464m in non-core asset sales earlier this year. Landsec will now own and manage 30 shopping centres across the UK.
Mark Allan, CEO at Landsec said: 鈥淭he top 1% of the UK鈥檚 shopping destinations provide brands with access to 30% of all in-store retail spend, which is why we continue to see brands focus on fewer, but bigger and better stores in the best locations.
鈥淎s such, I am delighted that we have added another top 10 centre with a highly attractive return profile 鈥� meaning our unique portfolio now includes seven of the top 30 centres in the UK. Liverpool ONE already has a great line-up of brands in a thriving location and we look forward to building on this with our leading operating platform to further add to its exciting growth story.鈥�
James Raynor, CEO of Grosvenor Property UK, said: 鈥淟iverpool ONE is a phenomenal鈥痙estination and we鈥檙e incredibly proud of what we鈥檝e accomplished with and for the city over the last 25 years. It鈥檚 not only one of the most remarkable regeneration stories, redefining what long-term investment and partnership can achieve, it continues to be one of the UK鈥檚 most successful retail and leisure destinations. And, under the unified ownership and management of Landsec, we know it will continue to thrive.
鈥淟ooking ahead, we have ambitious plans to grow and diversify the business and we will reinvest the proceeds from the sale in our core portfolio including our 10-year programme of investment in London and residential debt business, which has supported the delivery of 3,370 homes in just two years.鈥�
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