Singaporean sovereign wealth fund GIC is selling its 17.5% stake in Bluewater shopping centre in Kent for more than £400m.
It is the third stakeholder to put its share in the 1.8m sq ft shopping centre up for sale and has instructed Knight Frank to run the process.
Hermes is selling its 7.5% stake in the shopping centre through HP4 for around £167m and Lendlease is selling its 25% interest for around £600m.
The other stakeholders are M&G Real Estate and Aberdeen Asset Management.
Lendlease, the main stakeholder, is in the process of winding down its £900m closed-ended fund, Lendlease Retail LP, in which Bluewater is held.
In October 2016, Lendlease held a vote seeking to extend the life of the fund to 2024, but was unable to secure full commitment from investors.
The other asset owned by the Lendlease fund is Touchwood shopping centre in Solihull, which is valued at more than £300m.
The Lendlease Retail Partnership is managed by Ali Abbas. The fund makes up all of Lendlease’s funds under management in Europe.
If a deal completes at the asking price, it would value Bluewater at more than £2.2bn.
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