Land Securities has snapped up Liverpool One shopping centre in a £490m deal, as the real estate firm continues to invest in bricks-and-mortar retail.
The property group acquired a 92% stake in the shopping complex, after recently designating the best part of £600m to spend on snapping up more assets, despite the majority of landlords having avoided buying large malls in recent years.
Landsec CEO Mark Allan said: “The top 1 per cent of the UK’s shopping destinations provide brands with access to 30 per cent 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.”
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The property giant bought its share in Liverpool One from a subsidiary of Abu Dhabi Investment Authority, which owned a 69% stake in the complex, and property group Grosvenor, which held a 23% share.
The purchase means Landsec now owns or controls seven of the top 30 shopping centres across the UK.
The move comes as Frasers Group has also been building up its shopping centre portfolio, with the group recently revealing it had snapped up a trio of shopping centres across the UK.
The retail empire took on the 600,000 sq ft Princesshay Shopping Centre in Exeter, Kent’s Fremlin Walk Shopping Centre, and the Olympus Centre retail park in Gloucester’s Quedgeley.
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