The shopping centre has been acquired by the UK’s largest commercial property company

The new owner of Liverpool ONE hinted at an “exciting” future as it announced its £490m acquisition of the shopping centre. London-based commercial property company Landsec has acquired a 92% stake in Liverpool ONE, purchasing a 69% majority stake from the Abu Dhabi Investment Authority (ADIA) and a 23% stake from Grosvenor, the Duke of Westminster’s property company which developed the site.

The deal means that Landsec, which is the UK’s largest commercial property company, owns and manages seven of the top-30 shopping centres in the UK. In announcing the deal, the company appeared to suggest its plan for the site will involve attracting more high-profile brands to Liverpool, with the hope of offering them large stores.

Mark Allan, chief executive officer 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.

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“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.”

In the press release issued to announce Landsec’s acquisition of the shopping centre, which has transformed Liverpool city centre’s retail offering since it opened in 2008, the company underlined their hopes of growth. It will approach this by aiming to attract big brands, such as Uniqlo which will open next year, and offering increased store space to existing tenants, as the centre has done recently with Zara.

About the deal, Landsec said: “The acquisition is in line with Landsec’s objective to grow its investment in major retail destinations, recycling the proceeds from its £464m of non-core sales earlier in the year. Landsec 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.

“Opened in 2008, Liverpool ONE is one of the most modern major retail destinations in the UK, offering 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%.

“This highlights that Liverpool ONE is well-placed to benefit from the continued focus on fewer, bigger and better stores from key brands, further exemplified by recent upsizes and new lettings with e.g. M&S, Sephora, Uniqlo and Zara.”