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Land Securities : LAND – acquisition

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After selling a shopping centre in Sunderland, Land Securities is spending the proceeds on a 30% stake in Bluewater. The purchase price is £656m, the seller is Lend Lease and Land securities are also paying £40m for the rights to manage the whole centre and the adjoining land (110 acres). The purchase price equates to a net initial yield of 4.1%.

Land Securities hopes to cut the void rate in the centre from its current 5.3% to something closer to the 2.6% it has in the rest of its retail operations.

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