Wilkinson Williams

Press Release

British Land buy into Tesco JV

British Land has bought Segro's 50% interest in a joint venture with Tesco in the Surrey Quays Shopping Centre in south east London and the Clifton Moor Retail Park in York. British Land paid £26.9m, which is based on a gross asset value of £172m. The annual passing rent is £11.3m, of which rents from the Tesco stores represent half. Segro and Tesco created the joint venture 20 years ago.

Surrey Quays Shopping Centre in Rotherhithe totals 283,000 sq ft in 43 units and is anchored by a 115,000 sq ft Tesco Extra foodstore and a 53,000 sq ft BHS with other retailers including Arcadia, River Island, Currys and Superdrug. Clifton Moor Retail Park totals 222,728 sq ft, including a 116,610 sq ft Tesco foodstore. There are seven retail warehouse units. Retailers include Wickes, Wilkinsons and Pets at Home.

Wilkinson Williams advised British Land

For further information please contact Paul Wilkinson

p.wilkinson@wilkinsonwilliams.co.uk

Or alternatively please contact Drew Moore

d.moore@wilkinsonwilliams.co.uk