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

To read this full article you need to be subscribed to Institutional Real Estate Europe

British Land Buys UK Shopping Centre


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 million (€21 million) and plans to r

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy