LAND SECURITIES (Landsec) has acquired an additional 17.5 per cent stake in Bluewater, the out of town shopping centre in Kent, taking its overall ownership to over 65 per cent.

The £120m move comes exactly a decade after the real estate firm first announced a stake in the destination.

Based on the income Landsec's existing investment in Bluewater generated over the year to March 2024, the acquisition should increase Landsec's net rental income from Bluewater by £10.3m per year.

Bruce Findlay, managing director of retail at Landsec, said it "underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles."

(c) 2024 City A.M., source Newspaper