26th Aug 2021 08:59
(Alliance News) - British Land Co PLC on Thursday announced a series of changes in its portfolio, boosting its exposure to "innovation sectors".
The London-based property investor, updating on GBP350 million of "capital activity", also said it has sold two assets, with a third under offer.
Shares in the company were 0.4% higher at 530.80 pence each in London on Thursday morning.
It has acquired the Peterhouse Technology Park in Cambridge for GBP75 million, representing a net initial yield of 4.15%. The east of England asset houses chip designer Arm Ltd.
It also announced the GBP12 million acquisition of the Priestley Centre in Guildford, Surrey.
"The 7.8 acre site provides an attractive opportunity to deploy our campus proposition and development skills to deliver high quality space for the fast growing industries in this affluent town, which includes satellite technology, life sciences, video game development and digital technologies," British Land explained.
Campus assets, as well as retail and fulfilment are sectors British Land wants "actively focus" on.
The FTSE 100 firm also acquired the Finsbury Square Car Park in London for GBP20 million.
The company added: "This underground car park is close to the Broadgate campus and provides an excellent opportunity to create a last mile logistics hub in the City of London where supply for last mile logistics is highly constrained."
British Land also noted GBP160 million worth of assets recently sold or under offer. This includes the sale of a GBP54.3 million Virgin Active gym in Chiswick, London and the part sale of the Woodfields Retail Park in Bury, Greater Manchester for GBP37.5 million.
"We are also under offer on the sale of Wardrobe Court, a standalone residential building in the City of London," British Land added.
By Eric Cunha; [email protected]
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