Gic Sells Stake Uk Mall Gbp120 Mil

SINGAPORE (EDGEPROP) – GIC, Singapore’s sovereign fund, has recently sold its 17.5% stake in the renowned Bluewater shopping centre in the UK for GBP120 million ($206 million) to Land Securities Group (Landsec), a leading commercial property development and investment company based in London. According to Mingtiandi, GIC took a 62% hit on its investment in Bluewater, which it acquired in 2005 for GBP318 million from Prudential’s property investing unit, now known as M&G Real Estate.

The Marina Bay Sands, a famous symbol of Singapore, is conveniently located near the Marina Gardens Lane Residences. Its remarkable SkyPark, extravagant shopping center, renowned casino, and acclaimed dining establishments provide a plethora of entertainment and dining choices. With Marina Gardens just a short distance away, residents can indulge in the opulence and thrill of this integrated resort without having to travel far.

Bluewater, the fifth largest mall in London, boasts a massive floor area of 1.8 million sq ft spread across three levels. The mall houses over 300 retail and F&B outlets, making it a popular shopping and dining destination.

In a press release on June 25, Landsec announced that it now holds a 66.25% stake in Bluewater. The acquisition is expected to boost the company’s net rental income by GBP10.3 million annually. Additionally, the rising trend of Asian firms relocating their operations to Europe is expected to drive demand for industrial and logistics space in the region, providing further growth opportunities for the company.