Construction of Bluewater began in 1995 in a disused Blue Circle quarry near Dartford and opened in 1999.
Land Securities has purchased the 30% share owned by Lend Lease Europe. Lend Lease Retail Partnership still owns 25%, while M&G Real Estate and GIC own 35%, and Hermes and Aberdeen Asset Management have 10%.
After transaction costs, associated provisions and tax, the expected profit on sale of Lend Lease's interest in Bluewater, its management rights and sundry land is expected to be approximately £265m.
Lend Lease CEO and managing director Steve McCann said that the cash proceeds would be used to pay down debt and support investment in projects including its large urban regeneration schemes in London at Elephant & Castle and The International Quarter.