Land Securities acquires majority stake in Liverpool ONE

Land Securities said on Tuesday that its acquisition of the shopping centre was in line with its objective to grow its investment in major retail destinations, recycling the proceeds from its £464.0m of non-core sales earlier in the year.

The FTSE 100-listed firm stated the income return on its initial £455.0m outlay was expected to be roughly 7.5% and noted that the centre's current rental income was 4% below enterprise retail value.

Land Securities added that of the total consideration, a payment of £35.0m to ADIA will be deferred for two years.

Chief executive Mark Allan said: "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 already 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."

As of 0915 GMT, Land Securities shares were down 0.26% at 569.0p.

Reporting by Iain Gilbert at Sharecast.com