IN BRIEF: Land Securities ups stake in London's Bluewater mall to 74%
Land Securities Group PLC - London-based property development and investment - Buys an additional 10% stake in the Bluewater mall for GBP95 million, raising its stake to 74%. Bluewater is located in a former quarry in Kent, on the eastern outskirts of London. It is one of the UK's top-10 retail destinations, Landsec says, noting that retail sales and footfall were up 7.4% and 3.0% on year, respectively, at Bluewater in the five months to August 31. The company doesn't on Tuesday say from whom it bought the additional 10% stake, nor who owns the remaining 26%. In 2024, Landsec bought a 17.5% stake in Bluewater from Singapore sovereign wealth fund GIC Pte Ltd, increasing its ownership at the time to just over 66%. It said the yield on its additional GBP95 million investment is 7.4%, based on net rental income. Earlier this month, Landsec spent GBP516 million to buy the Metrocentre shopping centre in Gateshead, north east England, funding by a GBP500 million equity issue.
Current stock price: 621.00 pence, up 1.6% in London on Tuesday
12-month change: up 3.2%
By Tom Waite, Alliance News editor
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