Property giant Land Securities (Landsec) has upped its stake in Bluewater shopping centre following a £172 million deal.

LandSec, which also runs Trinity shopping centre in Leeds, confirmed it will purchase an additional 25% stake in Bluewater from Lendlease Retail Partnership.

The landlord added that, in a separate deal, it will sell a quarter of this share to M&G, its co-owner of the Kent shopping centre.

The move, which is due to complete in April 2022, will leave Landsec with a 48.75% stake in Bluewater.

Bluewater, which is around 23 miles east of central London, is one of the UK’s largest out of town shopping centres and has an annual turnover in excess of £1 billion.

The site is home to brands including John Lewis, Primark and Zara, and it welcomed the opening of Amazon’s first UK general merchandise store, 4 Star, earlier this year.

Bruce Findlay, managing director of retail at Landsec, said: “We’re making this acquisition at a time when retail values and rents are starting to stabilise.

“Together with our co-owners, we have a clear vision for Bluewater which builds on what is already a thriving retail destination.

“This investment underlines our strategic commitment to major retail destinations that offer something that can’t easily be replicated online.”

The deal comes a month after Landsec announced a shake-up of its retail strategy which will see the firm work more closely with leading retailers in shopping developments in the post-Covid era.

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