Landsec has expanded its ownership in the Bluewater Shopping Centre in Kent to 66.25% following a £120 million purchase from Singapore’s GIC. This deal occurred on Tuesday and has increased the FTSE 100 firm’s net rental income by £10.3 million per year.

Bruce Findlay, head of retail at Landsec, commented, “This transaction underscores our ability to continue to create value through prime investments in scarce, major retail destinations with attractive return profiles.” He further added, “Bluewater is one of the UK’s top retail destinations and a key part of our strategy to further build our relationships with key brands.”

The Bluewater Shopping Centre, situated in a former chalk quarry near Dartford, spans 1.85 million square feet and hosts over 300 shops and restaurants, drawing approximately 28 million visitors each year.