Property Sales and Purchases
British Land Co PLC
23 July 2002
23rd July 2002
OVER £250 MILLION PROPERTY SALES;
AND £70 MILLION PURCHASES AT BROADGATE AND EDINBURGH
The British Land Company PLC has made further progress on sales of non-core
properties within British Land and its various joint ventures during the current
financial year. Since the year end of 31st March 2002, contracts have exchanged
or completed on over £250 million of property sales, in excess of valuation,
including a number of retail units within the BL Universal portfolio (the joint
venture with Great Universal Stores), two distribution warehouse units within
BLT Properties (the joint venture with Tesco), and several residential
properties.
British Land also announces that it has acquired the 50% it did not already own
of Broadgate Phase 12 Limited, the company undertaking the proposed development
of 201 Bishopsgate, Broadgate, London EC2, from Railtrack Group. The
consideration is £40.25 million, of which £1 million is payable once certain
consents are received. British Land has submitted a revised planning
application for the development which increases the net accommodation to 68,500
sq.m (737,300 sq.ft).
Boosting its Retail Park interests, British Land has also acquired Meadowbank
Retail Park in Edinburgh for £30 million. An additional £1 million of
consideration is payable on the successful completion of a fast food unit at the
Park which has been pre-let to Kentucky Fried Chicken. The Park provides
149,000 sq.ft of accommodation with an open retail consent, and includes a
Sainsbury superstore together with other tenants such as JJB Sports, TK Maxx and
Au Naturale. Today's average rent is only £12.50 per sq.ft, and following
settlement of outstanding or imminent rent reviews the running rental yield is
expected to be 7%.
John Weston Smith, Chief Operating Officer, commented: "We are very pleased with
the sales progress and the two new acquisitions. The building at 201
Bishopsgate, which we expect to generate a considerable surplus, will offer
unrivalled accommodation to both professional and financial occupiers."
Contacts
The British Land Company PLC:
John Ritblat, Chairman tel: 020 7467 2831/2829
John Weston Smith, Chief Operating Officer tel: 020 7467 2899
Finsbury:
Faeth Birch tel: 020 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange
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