Singapore鈥檚 sovereign wealth fund GIC has sold its 17.5% interest in UK shopping centre Bluewater to existing majority shareholder Landsec for 拢120m (鈧�142m).
UK real estate company Landsec said the acquisition of the additional stake increases its ownership in the UK retail destination to 66.25%.
The Bluewater shopping centre鈥檚 minority shareholders include M&G Real Estate, Royal London Asset Management and Abrdn.
Landsec said the deal is in line with the firm鈥檚 strategy to grow its 鈥渋nvestment in major retail destinations, recycling capital from its recent non-core disposals in an earnings accretive way鈥�.
Last month, Landsec sold its entire hotel portfolio to Ares Real Estate funds and EQ Group for 拢400m as part of its plan to focus its resources on core sectors with a 鈥渃ompetitive advantage鈥�.
Bruce Findlay, managing director of retail at Landsec, said the Bluewater ttransaction 鈥渦nderscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles鈥�.
Findlay added: 鈥淏luewater is one of the UK鈥檚 top retail destinations and a key part of our strategy to further build our relationships with key brands.鈥�
Landsec said based on the income its existing investment in Bluewater generated over the year to March 2024, this acquisition increases the company鈥檚 net rental income by 拢10.3m on an annualised basis.
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