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British Land Sells 75% Stake in Paddington Central Assets, Forming JV.

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Vincent

MANews-(C)2009-2022

UK-based property company British Land Co plc (OTC: BTLCY) has exchanged on the sale of a 75% interest in the majority of its Paddington Central assets to Singapore-based sovereign wealth fund GIC, the company said.

This transaction establishes a new joint venture with ownership split 75:25 for GIC and British Land respectively.

Completion is unconditional and will be within three months.

The total consideration of GBP 694m (USD 884.28m), is 1% below September 2021 book value and represents a NIY of 4.5%.

Paddington Central was acquired by the company in 2013 for GBP 470m, at the time comprising three buildings, a retail and leisure cluster and two development sites.

In 2015 the company completed the acquisition of 1 Sheldon Square for GBP 210m and in 2017 we completed the development of 4 Kingdom Street which achieved rents 40% ahead of the best rents at the campus on acquisition.

Overall, the campus has delivered an average total property return of 9% per annum since acquisition, the company said.

The joint venture will initially comprise the following assets :2 and 4 Kingdom...

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