U.K. retail properties change hands
In two separate deals, a portfolio of U.K. retail centers and a Scottish shopping mall have been sold.
British Land sold a £733 million ($1.04 billion) portfolio, totaling 21 standalone food stores, to its joint venture partner, retailer Tesco. In exchange, British Land acquired Tesco’s 50 percent interest in three shopping centers, three retail parks anchored by Tesco stores and three standalone stores. The combined portfolio value is £381 million ($569 million).
British Land will make a net cash payment of £96 million ($143.37 million) to Tesco, reflecting the difference in net asset value, including mark-to-market debt.Tesco will continue to lease the stores at the sites acquired by British Land after the deal.
In Scotland, Hammerson purchased the Gyle Shopping Center from William Ewart Properties. BNP Paribas Real represented the seller. The 322,917-square-foot shopping mall sold for £200 million, or £619 per sq