Grosvenor Exits Liverpool ONE with Sale to Landsec

Deal News | Dec 17, 2024 | Grosvenor Group Ltd

Grosvenor Group Ltd. has sold its 23% stake in Liverpool ONE, a leading UK retail and leisure destination, to Landsec. Originally a strategic redevelopment initiative between Grosvenor and Liverpool City Council, Liverpool ONE has significantly contributed to the city's revitalization since 2008. The sale highlights Liverpool ONE's exceptional performance amidst economic uncertainty, with occupancy rates and sales outperforming national benchmarks in 2024. Landsec, known for its commitment to sustainable retail environments, will take over management in February 2025. Grosvenor intends to reinvest the proceeds into their core portfolio, enhancing their London investments and residential initiatives. This sale marks both a continuation of retail excellence and a strategic shift for Grosvenor as they aim to diversify their business.

Sectors

  • Real Estate
  • Retail

Geography

  • United Kingdom – The transaction and entities involved are based in the UK, specifically focusing on Liverpool and London.

Industry

  • Real Estate – The article discusses the sale of a major retail and leisure destination, which falls under the Real Estate industry.
  • Retail – Liverpool ONE is a significant retail destination, making the Retail sector highly relevant to the article.

Financials

  • 23% – Grosvenor’s stake in Liverpool ONE that was sold to Landsec.

Participants

NameRoleTypeDescription
Grosvenor Group Ltd.Selling CompanyCompanyAn international organization engaged in urban property, food and agtech, known for its urban development projects.
LandsecBidding CompanyCompanyA major UK property company focused on retail and sustainability, acquiring Grosvenor's stake in Liverpool ONE.
Liverpool ONETarget CompanyCompanyA top-performing retail and leisure destination in the UK.
Liverpool City CouncilGovernmentGovernmentLocal authority involved in the development of Liverpool ONE.