Gic Sells Stake Uk Mall Gbp120 Mil

The Bluewater shopping centre in the UK has recently changed hands as Singapore’s sovereign fund GIC has sold its 17.5% stake in the property for GBP120 million ($206 million) to London-based commercial property company Landsec. This news was reported by Mingtiandi, revealing that GIC had to take a 62% cut on its investment in the mall, which it acquired in 2005 from the property arm of Prudential, known today as M&G Real Estate, for GBP318 million.

Spanning a massive 1.8 million sq ft across three levels, Bluewater is the fifth-largest mall in London. The mall boasts over 300 retail and F&B outlets, making it a popular destination for shoppers. This sale solidifies Landsec as the majority owner of the mall, with a 66.25% stake.

In a press release on June 25, Landsec shared that this acquisition is expected to increase their net rental income by GBP10.3 million annually. This strategic move by Landsec is in line with the rising demand for European industrial and logistics spaces, fueled by the trend of Asian companies nearshoring their operations. With the acquisition of the Bluewater shopping centre, Landsec can expect a boost in demand for commercial properties in the UK.

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