Acquisition of 50% Retail JV
BRITISH LAND ACQUIRES 50% INTEREST IN SURREY QUAYS SHOPPING CENTRE AND CLIFTON MOOR RETAIL PARK, YORK
British Land has today acquired SEGRO plc's 50% interest in a Joint Venture with Tesco plc in the Surrey Quays Shopping Centre in Rotherhithe, South East London and the Clifton Moor Retail Park in York. This is the fifth joint venture British Land has with Tesco.
Both retail centres are anchored by Tesco superstores. The property value and annual passing rents attributable to the 50% interest are £87 million and £5.65 million respectively, of which rents from the Tesco stores represent 52%.
Chris Grigg, Chief Executive, British Land, said: "We are delighted to enter into a further Joint Venture with Tesco. These retail locations offer attractive opportunities for our asset management expertise to add value over the short and medium term."
Notes
Surrey Quays Shopping Centre
Located in Rotherhithe on the peninsula of the south bank of the River Thames. The scheme totals 283,000 sq ft in 43 units and is anchored by a 115,000 sq ft Tesco Extra Foodstore and a 53,000 sq ft BHS with the mall units arranged mainly at ground floor level between the two anchors. Other retailers represented on the scheme include Arcadia, Boots, Currys, JD Sports, New Look, River Island and WH Smith.
Clifton Moor Retail Park, York
Located 3 miles north of the City Centre the scheme totals 222,728 sq ft including a 116,610 sq ft Tesco Foodstore. In addition there are 7 retail warehouse units. Retailers on the scheme include Wickes, Wilkinsons, Booths and Pets at Home.
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Date: Wednesday, 30th December, 2009
This information is provided by RNS
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