British Land acquires seven retail parks - including one in Telford
British Land has acquired a portfolio of seven high quality retail parks for £441m – including one in Telford.
It has secured the retail parks, including Telford Forge Shopping Park, from Canadian business Brookfield.
The portfolio also includes Elliott’s Field Shopping Park, Rugby, Chilwell Retail Park, Nottingham, Central Retail Park, Falkirk, Wellington Retail Park, Waterlooville, Ravenhead Retail Park, St Helens and Cleveland Retail Park, Middlesbrough.
Simon Carter, Chief Executive of British Land, said: “The acquisition of this high-quality portfolio builds upon our market leading position in retail parks.
"Parks remain the preferred format for retailers and we have deployed £711m of capital into this subsector since April 1, 2024.”
“These assets offer an attractive yield and strong rental growth prospects in line with our guidance of 3-5 per cent. Combined with the proposed placing, they will be immediately earnings accretive and are expected to deliver double digit ungeared IRRs.
“The broader business also continues to trade well with a good level of leasing in the period and cost discipline underpinning our profit performance. We expect portfolio values to be marginally up for the half year, with continued ERV growth across the portfolio.”
