SINGAPORE (EDGEPROP) - Singaporean sovereign fund GIC has sold its 17.5% stake in the Bluewater shopping centre in the UK for GBP120 million ($206 million) to Land Securities Group (Landsec), a London-based commercial property development and investment company.

The fund was reported by Mingtiandi to have taken a 62% haircut on its investment into Bluewater. It had acquired its stake in the mall in 2005 from the property investing unit of Prudential, now M&G Real Estate, for GBP318 million.

Bluewater is the fifth largest mall in London, UK. It spans a floor area of 1.8 million sq ft across three levels. The mall has more than 300 retail and F&B outlets.

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In a June 25 press release, Landsec says it now owns 66.25% in Bluewater. It expects the acquisition to increase the company’s net rental income by GBP10.3 million on an annualised basis.