British Land has sold its 50 percent stake in the Canada Water Masterplan to the A$250 billion ($182 billion) AustralianSuper for £290 million (€350 million/$380 million).
Following completion of the sale, British Land and AustralianSuper formed a 50-50 joint venture to accelerate the delivery of this 53-acre development, which is one of the largest and most sustainable London regeneration projects in history. This transaction values British Land’s interest prior to the sale at £580 million (€700 million/$760 million).
This transaction accelerates the delivery of British Land’s ambitions at Canada Water, increases returns and releases capital for further development. British Land also will earn fees from the joint venture as the development and asset manager for the masterplan and will be entitled to an enhanced return if the joint venture meets certain returns targets.
The joint venture has already committed to developing phase one of the masterplan,
