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Commercial property giant Land Securities has increased its ownership of Bluewater after acquiring a stake in another of the shopping centre’s owners.
The FTSE 100 firm has bought a 1.6% share of Lend Lease Retail Partnership (LLRP) for £12.8m, which itself has a 25% stake in the mall near Greenhithe.
The acquisition increases Land Securities’ ownership of the shopping centre by 0.4%.
In June, the company spent £656m on buying a 30% stake of Bluewater from LLRP – a fund which invests in the UK retail sector.
The deal also saw Land Securities acquire the full asset management rights for the centre and 110 acres of surrounding land for £40m.
In addition to its 25% stake in the Bluewater shopping centre, LLRP also owns 100% of Touchwood shopping centre in Solihull.