Gic Sells Stake Uk Mall Gbp120 Mil
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Singapore’s sovereign fund GIC has recently divested its 17.5% share in the renowned Bluewater shopping centre, located in the UK, to Land Securities Group (Landsec) for GBP120 million ($206 million). This London-based commercial property development and investment company now owns a majority stake of 66.25% in the mall.
According to reports by Mingtiandi, GIC incurred a 62% loss on its initial investment into Bluewater, which it acquired from Prudential’s property investing unit (now known as M&G Real Estate) in 2005 for GBP318 million. Bluewater, spanning over three levels and occupying a vast floor area of 1.8 million sq ft, is the fifth largest mall in London, UK. It boasts over 300 retail and F&B outlets.
Landsec, in its June 25 press release, stated that this acquisition is expected to contribute an annual net rental income of GBP10.3 million to its business. Additionally, the company is optimistic about the potential growth opportunities and increased presence in the European market this investment will bring. The growing trend of Asian firms relocating their operations to Europe (known as nearshoring) has also boosted the demand for industrial and logistics spaces, further benefiting Landsec’s business.