Expansion in Europe
British Land Co PLC
22 May 2006
22 May 2006
BRITISH LAND EXPANDS IN EUROPE
British Land has taken a significant step in expanding its European out of town
retail interests.
It has formed a 50:50 joint venture with a group of European private investors
and one of Spain's largest construction companies, Copcisa Corp, to develop a
2.1 million sq ft mixed retail and leisure scheme in Zaragoza, Spain.
The scheme, known as Puerto Venecia, is situated in 60 hectares on the city's
new ring road. It is one of the largest schemes of its kind underway in Europe.
Valentine Beresford, Director of British Land European Fund Management, said:
"This is our first major exposure to Eurozone retail development outside of the
expanding PREF retail park fund. It is directly in line with our strategy to
expand in Europe in out- of-town retail and builds on our existing UK/Europe
expertise.
"We are delighted to be partnering on such a significant scheme. It has been in
the design and planning stage for some six years and will be a major attraction
for the city of Zaragoza."
The retail park is scheduled to open in late 2007, with the final phase of the
shopping centre due to be completed and trading at the end of 2008.
The end capital value of the scheme is anticipated to be in the order of €500m.
Anchor tenants committing to the big box element of the scheme include IKEA,
Leroy Merlin, Conforama, Decathlon, Boulanger and Porcelanosa.
Contacts:
The British Land Company PLC:
Valentine Beresford 020 7486 4466
Laura De Vere 020 7467 2920
Finsbury:
Faeth Birch 020 7251 3801
Notes to Editors:
•The development will comprise an 87,000m(2) retail park, a 61,000m(2)
shopping centre, "Lifestyle Big Box Retail" of 10,400 m(2), a multiplex/
leisure complex of 31,000m(2) and a hotel/convenience retail of 5,000m(2).
•Zaragoza is one of Spain's rapidly expanding cities and has been
instrumental in pushing forward the planning process to ensure that Puerto
Venecia is open and trading in time for Expo 2008. The city is a logistic
focal point between Madrid, Barcelona and Valencia, being circa 300km from
each.
•Commercial licensing has been obtained and infrastructure works are
already underway. IKEA has begun construction.
•The city commands a catchment in excess of 1.5 million people within 90
minutes.
•British Land was advised on the development by CBRE, as well as its
British Land European Fund Management partners, Doric Properties, who will
be working with British Land to bring the development to fruition.
•British Land's other interests in Europe include retail parks in Spain,
Italy, Portugal, Belgium and France through its property advisor role and 40
per cent holding in PREF. Assets owned and committed in PREF total some
€600 million.
This information is provided by RNS
The company news service from the London Stock Exchange
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