Landsec has acquired a 92% stake in Liverpool ONE, one of the UK’s leading retail and leisure destinations, for a total of £490 million. The deal was struck with a subsidiary of the Abu Dhabi Investment Authority (ADIA), which held a 69% share, and Grosvenor, which owned 23%. Of the
Henry Boot has announced the formation of Origin, a new UK-focused industrial and logistics (I&L) platform created in partnership with Feldberg Capital, a specialist in scaling sustainability-driven real estate ventures in high-growth sectors. Origin will focus on developing next-generation, ESG-compliant I&L assets across the country. The platform is well-capitalised at
Landsec has acquired a 92% stake in Liverpool ONE, one of the UK’s leading retail and leisure destinations, for a total of £490 million. The deal was struck with a subsidiary of the Abu Dhabi Investment Authority (ADIA), which held a 69% share, and Grosvenor, which owned 23%. Of the total purchase price, £35 million due to ADIA has been deferred for two years. This acquisition aligns with Landsec’s strategy of focusing on major retail destinations. The company has recycled £464 million from non-core sales earlier this year to fund the purchase. With Liverpool ONE added to its portfolio, Landsec now owns and manages seven of the UK’s top 30 shopping centres. Opened in 2008, Liverpool ONE is a flagship destination offering a mix of retail, dining, and leisure experiences. Attracting an annual footfall of 22 million people, the centre has demonstrated strong performance, with retail sales rising by 5% in the past year. New leases have been signed at 10% above estimated rental values, while relettings and renewals are achieving 5% above previous rents. The centre maintains a robust occupancy rate of 96%. Landsec is set to assume full management of Liverpool ONE from Grosvenor in February 2025. Mark Allan, CEO of Landsec, commented:“The top 1% of the UK’s shopping destinations capture 30% of all in-store retail spend, which is why we’re seeing brands prioritise fewer but larger stores in the best locations. Liverpool ONE is a top-ten destination with an excellent return profile, and its addition strengthens our unique portfolio of seven top-30 centres in the UK. We’re excited to build on Liverpool ONE’s success with our operating platform and help drive its future growth.” James Raynor, CEO of Grosvenor Property UK, added:“Liverpool ONE is a phenomenal destination and a testament to what long-term investment and partnership can achieve. Over the past 25 years, it’s become one of the UK’s most successful retail and leisure hubs. Under Landsec’s unified ownership and management, we’re confident it will continue to thrive. “We plan to reinvest the proceeds into our core portfolio, including a 10-year investment programme in London and our residential debt business, which has already supported the delivery of 3,370 homes in two years.” In a statement last month, Landsec reiterated its confidence in the retail sector, citing “most attractive” returns in retail and its intention to further deploy capital into this space. This acquisition solidifies Landsec’s position as a major player in the UK’s retail landscape, with Liverpool ONE set to play a pivotal role in its growth strategy. Building, Design & Construction Magazine | The Choice of Industry Professionals
Henry Boot has announced the formation of Origin, a new UK-focused industrial and logistics (I&L) platform created in partnership with Feldberg Capital, a specialist in scaling sustainability-driven real estate ventures in high-growth sectors. Origin will focus on developing next-generation, ESG-compliant I&L assets across the country. The platform is well-capitalised at launch and will primarily target the mid-box I&L market, with an initial portfolio seeded by three sites from Henry Boot Developments’ (HBD) pipeline. These sites represent a combined gross development value (GDV) of approximately £100 million, with HBD retaining a £25 million share. Under the joint venture, HBD holds a 25% stake, while Feldberg controls 75%. HBD will act as the development manager, earning fees for its role, while Feldberg will serve as the investment manager. Both parties will have the opportunity to share in promote fees tied to the JV’s internal rate of return, contingent on meeting certain hurdle rates. Seed Projects to Deliver 450,000 sq ft of Prime Space The initial developments in the Origin portfolio include three key sites, collectively capable of delivering approximately 450,000 sq ft of prime industrial and logistics space: Construction on all three projects is scheduled to begin in the first half of 2025, with delivery expected from the second half of the same year. All developments aim to achieve leading environmental standards, targeting BREEAM ‘Excellent’ and EPC ‘A’ ratings. Looking ahead, Origin will leverage HBD’s existing development pipeline and acquire third-party sites for speculative and pre-let projects. Development finance will be sourced externally for each project, with the JV planning to deliver around £1 billion of high-quality I&L schemes across the UK over the next seven years, subject to market conditions. HBD retains the right to co-invest in future projects with the same 25:75 ownership split while continuing to serve as development manager. Building, Design & Construction Magazine | The Choice of Industry Professionals
