Lend Lease's Bluewater Shopping Centre, Kent sale secures 4% yield

Lend Lease's Bluewater Shopping Centre, Kent sale secures 4% yield
Lend Lease's Bluewater Shopping Centre, Kent sale secures 4% yield

Lend Lease has secured the settlement of its UK Bluewater Shopping Centre sale to Land Securities Group PLC.

The combined pre-tax value is £696 million or A$1.221 billion.

The total value to Lend Lease including management rights delivers an initial yield of approximately 4%.

The Bluewater Shopping Centre, located in Kent, United Kingdom, on which work began in 1995, transformed a former derelict chalk quarry into one of the top performing retail assets in Europe.

It opened in 1999 and anchored by three department stores and over 300 retailing, catering and leisure units, the centre helped set the benchmark for quality retailing in the UK.

The centre was valued at £1.83 billion at June last year, implying a value of £549 million for Lend Lease’s stake of 30%.

The transaction settled today, 25 June 2014.

Photo courtesy of Wikimedia Commons.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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