(Alliance News) - Land Securities Group PLC on Tuesday paid GBP120 million to increase its stake in one of the UK's leading shopping centres.

The London-based commercial property investment company has bought an additional 17.5% stake in Bluewater from GIC, for increasing its ownership to just over 66%.

Based on the income Landsec's existing investment in Bluewater generated over the year to March 2024, the deal increases net rental income by GBP10.3 million on an annualised basis.

LandSec said the deal is in line with an objective to grow investment in major retail destinations, recycling capital from recent non-core disposals in an earnings accretive way.

Managing Director Bruce Findlay said: "This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles."

Bluewater, the Kent-based out of town shopping centre, attracts more than 27 million visitors annually.

Shares in Land Securities rose 0.9% to 635.00 pence in London on Tuesday morning.

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.