The Abu Dhabi Investment Authority (ADIA), in partnership with UK-based property firm Grosvenor, has sold a 92% stake in the Liverpool ONE shopping centre to Landsec in a deal valued at £490 million ($622 million).
ADIA, the majority shareholder, sold a 69% stake, while Grosvenor divested a 23% stake. ADIA is set to receive £35 million in deferred payment over two years, alongside performance-related overage provisions. The sale comes months after reports suggested that ADIA had withdrawn from a £350 million deal to sell its stake to Landsec.
Following this acquisition, Landsec now owns seven out of the 30 major shopping centres in the UK. Landsec expects a 7.5% income return on its £455 million initial outlay, funded by proceeds from £464 million non-core sales earlier in the year. The acquisition aligns with Landsec’s retail growth strategy, emphasizing the company’s commitment to expanding its retail footprint.
Grosvenor, the property firm owned by the Duke of Westminster, plans to reinvest proceeds from the sale into its core portfolio.
“Looking ahead, we have ambitious plans to grow and diversify the business and will reinvest the proceeds from the sale in our core portfolio, including our 10-year investment programme in London and residential debt business,” said James Raynor, CEO of Grosvenor.
