A commercial property firm has snapped up a 30% stake in a Kent shopping centre a day after selling off its sole North East asset.
Land Securities has announced it has acquired the stake in the Bluewater shopping centre, for a cash consideration of £656m from Lend Lease.
The firm has also acquired the full asset management rights for the centre and 110 acres of surrounding land for £40m.
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%.
The deal comes a day after the company sold Sunderland shopping centre The Bridges to clients of real estate investment managers AEW Europe for £152m, saying the complex was trading well but was “not part of our strategic focus”.
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 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.”