Property investment giant Landsec has increased its stake in the Bluewater shopping complex following a £120 million deal with GIC, Singapore’s sovereign wealth fund. Previously holding nearly 50% of the Greenhithe site, Landsec has now acquired an additional 17.5% stake, bringing its total ownership to 66.25%.

This acquisition is expected to boost Landsec’s net rental income by £10.3 million annually, based on the income generated so far this year. The move aligns with Landsec's strategy to expand its investments in major retail destinations. The company already holds stakes in several significant UK retail centers, including Westwood Cross in Thanet and Eureka Leisure Park in Ashford.

Bruce Findlay, managing director of retail at Landsec, emphasized the strategic value of the transaction. He noted that Bluewater is one of the UK's premier retail destinations and a crucial part of Landsec's plan to strengthen relationships with key brands. This deal underscores Landsec's ability to create value through prime investments in major retail locations with attractive return profiles.