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Land Securities Group PLC on Tuesday paid £120 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 £10.3 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. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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