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- March 1, 2011: Vol. 5, Number 3

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British Land Buys UK Shopping Centre

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UK-REIT British Land has recently been involved in several significant UK transactions. The largest is the acquisition of Drake Circus, a 40,000-square-metre shopping centre in Ply-mouth, for £240 million (€282 million). The property was opened in 2006 and comprises 70 retail units; anchor tenants are Primark, Marks & Spencer and Next, while other retailers include Top Shop, New Look, Boots and H&M.

Separately, one of British Land’s joint ventures with Tesco Plc, BLT Properties Ltd, has refinanced its portfolio of superstores. The 50-50 joint venture secured a new £185 million (€217 million) seven-year term loan facility from BayernLB’s London branch. The facility was used to repay the venture’s existing bank loan. BLT owns a portfolio of eight Tesco superstores and one retail park anchored by a Tesco.

In other news, British Land has agreed to acquire Marble Arch House in London from The Portman Estate for £18

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