Liverpool ONE sold in huge deal
A property company based in London has agreed a £490m takeover
Liverpool ONE shopping centre has been sold in a huge multi-million pound deal.
London-based retail firm Landsec said it had acquired a 92% stake in the city centre site.
News of a potential takeover only emerged on Monday (16 December), with the deal confirmed early on Tuesday morning (17 December).
Landsec has agreed deals with the Abu Dhabi Investment Fund, who previously held a 69% stake, and Grovesnor, which held 23%.
Mark Allan, Chief Executive Officer at Landsec said: “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. "
James Raynor, CEO, Grosvenor Property UK, added: “Liverpool ONE is a phenomenal destination and we’re incredibly proud of what we’ve accomplished with and for the City over the last 25 years.
"It’s not only one of the most remarkable regeneration stories, re-defining what long-term investment and partnership can achieve, it continues to be one of the UK’s most successful retail and leisure destinations.
"And, under the unified ownership and management of Landsec, we know it will continue to thrive."