(Reuters) - British commercial property firm Land Securities (Landsec) on Tuesday said it acquired a 92% stake in shopping centre Liverpool ONE for 490 million pounds ($622.1 million), betting on
Land Securities Buys 92% Stake in Liverpool ONE for $622M
(Reuters) - British commercial property firm Land Securities (Landsec) on Tuesday said it acquired a 92% stake in shopping centre Liverpool ONE for 490 million pounds ($622.1 million), betting on retailers' focus on "bigger and better" stores.
"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," Landsec CEO Mark Allan said in a statement.
The company purchased the stake from a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority which held 69% interest in the centre, and internationally diversified property group Grosvenor, which owned 23%.
Liverpool ONE is considered one of UK's premier shopping centres, boasting an annual footfall of 22 million people. It recently saw upsizes and new rentals to companies such as M&S, Sephora, Uniqlo, and Zara.
The acquisition aligns with Landsec's strategy to grow its investment in major retail destinations, as it now owns seven of the top 30 shopping centres in the UK, according to the company.
($1 = 0.7877 pounds)
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Varun H K)
