Landsec acquires Liverpool One

Uk based retail investor Landsec has acquired the successful 1.6m sq ft Liverpool One shopping centre by purchasing the 69% stake that was held by the Abu Dhabi Investment Authority and the 23% controlled by Grosvenor, which developed the scheme originally. The consideration for the two stakes was £490m.

The deal reinforces the success of the shopping centre which has overcome the headwinds of the pandemic and the online shopping revolution. Since opening in 2008, the complex has attracted more than 400m visitors and generated more than £4bn for the local economy. It has outperformed the overall market despite the challenges of the UK’s retail sector and become one of the best performing retail centres in the country. Retail sales have grown 5% over the last year and overall occupancy is at 96% according to Landsec.

Mark Allan, chief executive at Landsec, explained the thinking behind the acquisition.

“The top 1% of the UK’s shopping destinations provide brands with access to 30% of all in-store retail spend, which is why we continue to see brands focus on fewer, but bigger and better stores in the best locations.

“As such I am delighted that we have added another top-ten centre with a highly attractive return profile – meaning our unique portfolio now includes seven of the top 30 centres in the UK.”

He added: “Liverpool ONE already has a great line-up of brands in a thriving location and we look forward to building on this with our leading operating platform to further add to its exciting growth story.”

News article courtesy of Place Northwest