British Land makes further strategic progress in retail parks

British Land has completed the acquisition of three high-quality retail parks for a total of £94 million (€106 million/$115 million) and sold its 50 percent stake in a retail park in Preston for £30 million (€34 million/$37 million).

The deals are in line with the firm’s strategy to actively recycle capital and consolidate its position as the United Kingdom’s largest owner and operator of retail parks.

“With retailers increasingly focused on the role of their stores, retail parks have emerged as a preferred format, due to their compatibility with omnichannel retail, their affordability and appeal to online resilient businesses. This is driving good occupational demand across the portfolio, reflected in our 97 percent occupancy and growing ERVs,” said Kelly Cleveland, head of strategy and investment at British Land.

Summary of deals