Blythe Valley Park Sale
British Land Co PLC
10 September 2007
BLYTHE VALLEY PARK DEAL SEALED
British Land confirmed today the sale of Blythe Valley Park, Solihull, for a
total consideration of up to £161 million to Doughty Hanson & Co Real Estate and
US based REIT Liberty Property Trust.
The 257 acre landmark site has been developed by British Land in partnership
with Solihull Metropolitan Borough council and provides circa 500,000 sq ft of
existing office accommodation within 97 acres of undeveloped land. Late last
year, outline planning consent was secured for a major extension to the park
bringing the total consented area up to 2 million sq ft of office accommodation.
Blythe Valley Park current tenants include Ove Arup, Logica, Regus, Virgin and
Oracle.
Up to £17.5 million, of the total price apportioned to the undeveloped land, is
to be paid on a deferred basis over the next four years.
Tim Roberts, Director and Head of Offices, British Land, said: "The disposal is
in line with our stated strategy of value creation through capital recycling and
a tightened sector focus on our core markets of London Offices and Out of Town
retail, the two sectors in which we have leading positions and expertise."
Notes to Editors:
•British Land is the largest UK Real Estate Investment Trust (REIT) by
assets (£16.3 billion) with total assets under management of £20.4 billion,
as at 30 June 2007.
•The portfolio, focused on the growth sectors of London Offices and Out of
Town Retail, has the longest leases and occupancy rates at 98.6 per cent are
amongst the highest of the major UK REITs.
•Retail assets account for 55 per cent of the portfolio, 80 per cent of
which is in prime out-of-town locations. Offices account for 42 per cent of
the portfolio of which 97 per cent is London-based and includes a £4 billion
office development pipeline coming to fruition between now and 2011.
Date: Monday, 10 September, 2007
For further media information:
British Land
Laura De Vere: Tel 020 7467 2920. Mobile 07739 292920.
Doughty Hanson & Co Real Estate
Duncan Murray: Tel 020 4572823. Mobile 07976 952626
This information is provided by RNS
The company news service from the London Stock Exchange
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