10th Aug 2006 16:36
British Land Co PLC10 August 2006 10 August 2006 NORTHAMPTON SHOPPING CENTRE TO CHANGE HANDS The Tesco British Land Property Partnership Limited has exchanged contracts tosell its interest in the edge-of-town Weston Favell Shopping Centre,Northampton. The partnership, a 50:50 joint venture between Tesco and British Land, expectsto complete the £122 million sale of this 307,800 sq ft scheme to privateinvestors later this month. The sale of the freehold delivers an initial yield of 4.75 per cent and Tescowill continue to anchor the scheme with its 157,000 sq ft store. The remainderof the shopping centre is let primarily to national multiples and a range oflocal retailers. Weston Favell was one of 12 properties which formed the original Tesco BritishLand Property Partnership in 1998. Since then, the partnership extended WestonFavell by 60,000 sq ft, added a petrol filling station and re-geared the Tescolease. Neil Earp, Tesco Property Director, said: "This is an opportunistic sale whichtakes advantage of the current strong investment market for retail assets thatare let to national retailers. It is consistent with our strategy of raisingcash from our property portfolio whilst retaining operational flexibility. Weremain committed to serving our customers in Weston Favell." Note to Editors: •Tesco remains the anchor tenant of the scheme, with a 22 year RPI linked lease. •The Centre attracts around 120,000 shoppers a week and provides 1,150 car parking spaces. •Tesco and British Land have three property joint ventures, with assets totalling £1.15 billion as at 31 March 2006. The properties included: 4 Retail Parks, 4 Shopping Centres and 13 Tesco stores. •The Tesco British Land Property Partnership appointed Morgan Williams and Jones Lang LaSalle to market the property to interested parties. •Churston Heard acted for the purchaser. Contacts Tesco Plc:Tony Fletcher, Corporate Affairs 01707 287 471 The British Land Company PLC:Tim Roberts, Director and Co Head of Asset Management 020 7467 2977Laura De Vere, Director Corporate Communications 020 7467 2920 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land