Liverpool ONE Sold to London-Based Property Company in £490m Deal

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Business Nouvelles

Real Estate,Shopping Mall,Investment

Liverpool ONE, the largest open-air shopping centre in the UK, has been sold to Landsec, a London-based property company, for £490m. The majority stake was purchased from the Abu Dhabi Investment Authority (ADIA) and Grosvenor. The city council leader hailed the success of the site, which has been a major driver of Liverpool's visitor economy since its opening in 2008.

The sale of Liverpool ONE represents “a great opportunity for a new chapter and new investment”, according to the leader of the city council. It was confirmed earlier today the shopping and leisure complex has been sold to a London-based property company in a massive multi-million pound deal. Real estate investors at Landsec announced their newly-acquired 92% stake in the city centre site.

Retail sales have grown by 5% over the past 12 months, with new leases signed 10% above the estimated rental value, re-lettings and renewals 5% above previous passing rent, and overall occupancy of 96%.

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