INDUSTRY NEWS

British Land acquires shopping centre and London offices in £184m dea

British Land has acquired a significant portfolio of properties from Wereldhave for £183.8m.

Part of the real estate investment trust’s latest purchase includes Ealing Broadway Shopping Centre which in itself is worth £142.5m.

Also included in the deal are five retail and London office properties located in central and west London at Baker Street, Great Portland Street , Putney High Street, Chiswick High Road and Fulham Road  – purchased for a total of £41.3m.

Ealing Broadway Shopping Centre itself offers 300,000 sq ft of retail and leisure space as well as a multi-let office and 800 car parking spaces.

Dutch fund manager, Wereldhave, originally purchased the property in November 2011; it will be taking an estimated £13m lose on the sale.

The Financial Times suggest that this latest acquisition is part of British Land’s target to specialise more on property such as retail and London offices.

British Land head of retail, Charles Maudsley, said: “We are delighted to have bought Ealing Broadway Shopping Centre. It is a highly attractive retail destination which meets the needs of today’s consumers for convenient, well-located shopping.

“We believe there are significant opportunities to grow and develop the shopping centre as a retail destination both as we further improve the retail mix and increase the leisure offer and as the area benefits from residential development and the completion of Crossrail.”

British Land currently has a commercial property portfolio valued at £16.3bn and is the firm responsible for the development of the Richard Rogers designed skyscraper in the City of London at 122 Leadenhall Street, nicknamed ‘The Cheese Grater’.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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