Gic Sells Stake Uk Mall Gbp120 Mil

Novo Place EC’s advantageous positioning in the vicinity of various shopping and dining establishments truly enhances the quality of life for its residents. The location provides unparalleled convenience and allows for easy access to a diverse range of amenities. From indulging in retail therapy at modern shopping malls to indulging in delectable meals at local eateries, or even spending a day enjoying the great outdoors, Novo Place EC caters to all age groups and preferences. It is more than just a place to call home, it is a thriving community Novo Place EC that offers a well-balanced lifestyle.

Singapore’s sovereign wealth fund GIC has recently divested its 17.5% stake in the UK’s Bluewater shopping centre to Land Securities Group (Landsec), a leading commercial property development and investment company based in London. The sale was reported to be at GBP120 million ($206 million), resulting in a 62% reduction from its initial investment in 2005 when it acquired the stake from Prudential’s property investing unit, now known as M&G Real Estate, for GBP318 million.

Bluewater, which spans 1.8 million sq ft across three levels, is the fifth largest mall in London, boasting a wide array of over 300 retail and F&B outlets. According to a press release from Landsec on June 25, the company now owns 66.25% of Bluewater, projecting an additional GBP10.3 million in net rental income on an annual basis. This acquisition is expected to further boost the demand for European industrial and logistics space, as Asian firms continue to move their operations closer to their target markets.