Real estate company Landsec has acquired a 92% stake in UK-based retail and leisure destination Liverpool ONE.
Landsec has acquired the shopping centre from a wholly owned subsidiary of the Abu Dhabi Investment Authority (69%) and Grosvenor (23%) for an overall consideration of £490 million.
The acquisition reflects Landsec’s objective to grow its investment in major retail destinations, recycling the proceeds from its £464 million of non-core sales earlier in the year.
It will now own and manage seven of the top-30 shopping centres in the UK, providing brands and visitors with a unique portfolio of regionally dominant, urban retail and leisure destinations.
Mark Allan, CEO 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.
“Liverpool ONE has a great line-up of brands in a thriving location and we look forward to building on this with our leading operating platform to further add to its exciting growth story.”
Opened in 2008, Liverpool ONE offers a strong mix of retail, food and beverage, and leisure brands that attract footfall of 22 million people per year.
Retail sales have grown by 5% over the past twelve months, with new leases signed 10% above ERV, relettings and renewals 5% above previous passing rent, and overall occupancy of 96%.
The performance follows the evolution of Liverpool ONE in 2024, with 13 new brands opening in the last year, including Montirex, Tag Heuer and AllSaints, while Sephora, Uniqlo, Hobbs, Phase Eight and Whistles will be making their debuts in 2025.
James Raynor, CEO at Grosvenor Property UK, said: “Liverpool ONE is a phenomenal destination and we’re incredibly proud of what we’ve accomplished 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.
“Looking ahead, we have ambitious plans to grow and diversify the business and we will reinvest the proceeds from the sale in our core portfolio including our 10-year programme of investment in London and residential debt business, which has supported the delivery of 3,370 homes in just 2 years.”
It comes as Liverpool ONE is set to have its busiest Christmas in five years, with record numbers of visitors predicted during the festive period. The destination is expecting over four million visitors in the run up to Christmas, with the boost in shoppers anticipated to top records since before the COVID-19 pandemic.
