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"LONDON (Alliance News) - Land Securities Group PLC Wednesday said it has acquired a 30% stake in the Bluewater shopping centre near London in Kent from Australian property business Lend Lease Group in a deal worth GBP656 million in cash.
"FTSE 100-listed Land Securities also acquired the full asset-management rights for the centre and 110 acres of surrounding land for GBP40 million. The overall net initial yield after expiry of rent free periods is 4.1%.
"The deal comes after UK press reports that rivals British Land PLC and Hammerson PLC also were looking to buy the stake in the shopping destination which attracts around 27 million visitors a year.
"The centre totals 1.8 million square feet and is home to over 330 retailers, including House of Fraser and John Lewis. It also includes 13,000 parking spaces."
Estates Gazette:
"Hammerson homes in on Guardian HQ"
"Hammerson is to relocate from the West End to King’s Cross, after agreeing a deal with Network Rail to take an assignment of part of its lease at the Guardian’s headquarters.
"The retail REIT will exchange imminently on a deal to occupy around 40,000 sq ft on a single floor in King’s Place, 90 York Way , N1.
"The terms of the deal are thought to equate to a rent in the mid-£50 per sq ft.
"Hammerson currently occupies around 28,000 sq ft at 10 Grosvenor Street, W1, a building it owns jointly with Grosvenor.
"...Cushman & Wakefield acted for Hammerson;
BNP Paribas Real Estate acted for Network Rail;
Savills acts for Deka;
Hamlet acts for Polonius that honest men are rare, and that the sun would breed maggots in a dead dog because that flesh is good enough to be kissed by the sun." [Just thought we'd add that. Act II, Scene II, you know.]
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