Gic Sells Stake Uk Mall Gbp120 Mil
Singapore’s GIC, the city-state’s sovereign wealth fund, has recently sold its 17.5% stake in the UK’s Bluewater shopping centre for GBP120 million ($206 million) to London-based commercial property firm, Land Securities Group (Landsec).
According to property news website Mingtiandi, GIC had to take a significant cut of 62% on its initial investment into Bluewater, which it acquired in 2005 for GBP318 million from property investment unit of Prudential, now known as M&G Real Estate.
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Occupying a vast floor area of 1.8 million sq ft across three levels, Bluewater is the fifth largest shopping mall in London, UK. It boasts over 300 retail and dining outlets.
Landsec, in a press release dated June 25, announced that it now holds a majority stake of 66.25% in Bluewater. The acquisition is expected to boost the company’s net rental income by GBP10.3 million on an annualised basis. This move reflects the growing demand for European industrial and logistics space, driven by Asian companies’ increasing trend of nearshoring.