22nd May 2006 14:13
British Land Co PLC22 May 2006 22 May 2006 BRITISH LAND EXPANDS IN EUROPE British Land has taken a significant step in expanding its European out of townretail interests. It has formed a 50:50 joint venture with a group of European private investorsand one of Spain's largest construction companies, Copcisa Corp, to develop a2.1 million sq ft mixed retail and leisure scheme in Zaragoza, Spain. The scheme, known as Puerto Venecia, is situated in 60 hectares on the city'snew ring road. It is one of the largest schemes of its kind underway in Europe. Valentine Beresford, Director of British Land European Fund Management, said:"This is our first major exposure to Eurozone retail development outside of theexpanding PREF retail park fund. It is directly in line with our strategy toexpand in Europe in out- of-town retail and builds on our existing UK/Europeexpertise. "We are delighted to be partnering on such a significant scheme. It has been inthe design and planning stage for some six years and will be a major attractionfor the city of Zaragoza." The retail park is scheduled to open in late 2007, with the final phase of theshopping centre due to be completed and trading at the end of 2008. The end capital value of the scheme is anticipated to be in the order of €500m. Anchor tenants committing to the big box element of the scheme include IKEA,Leroy Merlin, Conforama, Decathlon, Boulanger and Porcelanosa. Contacts: The British Land Company PLC:Valentine Beresford 020 7486 4466Laura De Vere 020 7467 2920 Finsbury:Faeth Birch 020 7251 3801 Notes to Editors: •The development will comprise an 87,000m(2) retail park, a 61,000m(2) shopping centre, "Lifestyle Big Box Retail" of 10,400 m(2), a multiplex/ leisure complex of 31,000m(2) and a hotel/convenience retail of 5,000m(2). •Zaragoza is one of Spain's rapidly expanding cities and has been instrumental in pushing forward the planning process to ensure that Puerto Venecia is open and trading in time for Expo 2008. The city is a logistic focal point between Madrid, Barcelona and Valencia, being circa 300km from each. •Commercial licensing has been obtained and infrastructure works are already underway. IKEA has begun construction. •The city commands a catchment in excess of 1.5 million people within 90 minutes. •British Land was advised on the development by CBRE, as well as its British Land European Fund Management partners, Doric Properties, who will be working with British Land to bring the development to fruition. •British Land's other interests in Europe include retail parks in Spain, Italy, Portugal, Belgium and France through its property advisor role and 40 per cent holding in PREF. Assets owned and committed in PREF total some €600 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land