20th Feb 2006 13:12
British Land Co PLC20 February 2006 20 February 2006 British Land Sells £300 million Residential Property Investment Portfolio toInsight Investment The British Land Company PLC ("British Land") has contracted to sell itsinterests in its residential property investment portfolio to clients of InsightInvestment for a total consideration of approximately £300 million (being themost recently reported net asset value). At the same time a subsidiary ofBritish Land has entered into a contract under which it will provide on-goingasset management services for the portfolio. Stephen Hester, Chief Executive of British Land, commented: "The sale of theseresidential assets results from our continuing review of the portfolio toidentify non-core assets for disposal. We are also pleased to be utilising ourasset management expertise in the sector on an ongoing basis as advisers toInsight, thereby extending the fund management track record and earnings ofBritish Land. We look forward to a fruitful partnership and helping them tobuild a leadership position in this sector." Contacts The British Land Company PLC:Stephen Hester 020 7467 3500John Weston Smith 020 7467 2899 Finsbury: Ed Orlebar 020 7251 3801 Insight Investment:Press Office 020 7321 1358 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land