Sale of Eastgate Shopping Centre Basildon
22 January 2014
British Land Sells Eastgate Shopping Centre in Basildon for £88.6m
British Land has sold the freehold of Eastgate Shopping Centre in Basildon to Infrared Capital Partners for £88.6 million.
The 700,000 sq ft scheme comprises a covered shopping centre, an Asda supermarket, a Debenhams department store, two office buildings and a 696 space multi-storey car park. Other retailers include Superdry, New Look, H&M, River Island, Topshop, Next and Primark.
The property produces a net passing rent per annum of £6.5 million with rents ranging from £75 to £110 per sq ft Zone A.
Charles Maudsley, Head of Retail for British Land, said: "This year we will continue to sell retail assets which do not fit our strategy and reinvest the capital where we see better growth and return potential."
British Land was represented by Strutt & Parker and Cushman & Wakefield acted for Infrared.
ENDS
Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Jackie Whitaker, British Land 020 7467 3449
Emma Hammond, FTI Consulting 020 7269 9347
Pip Wood, British Land 020 7467 2942
Gordon Simpson, Finsbury Group 020 7251 3801
Notes to Editors
About British Land
British Land is one of Europe's largest Real Estate Investment Trusts (REITs). Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and receive over 300 million visits each year. Our property portfolio is focused on the UK, in prime retail locations and London offices which attract high quality occupiers committed to long leases. We have total assets in the UK, owned or managed, of £17.1 billion (British Land share £11.2 billion), as valued at 30 September 2013. Our occupancy rate of 97% and average lease length to first break of 11 years are among the highest of the major UK REITs.
UK retail assets account for 59% of our portfolio, around 80% of which are located at prime out of town sites. Comprising around 25 million sq ft of retail space across 69 retail parks, 89 superstores, 17 shopping centres and 13 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats. Our active asset management delivers space which is attractive and meets the needs of both retailers and consumers.
London offices, located in the City and West End, comprise 39% of the portfolio, which will rise to an estimated 41% on completion of current committed developments. Our 7 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).
Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value.
Further details can be found on the British Land website at www.britishland.com.
This information is provided by RNS
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