Thu, 09 Feb 2012 | BUSINESS SALE
British Land has put its 50 per cent stake in the Meadowhall shopping centre up for sale, Reuters has reported.
Reuters said that the information had come from “two sources familiar with the talks”. The other 50 per cent stake in Meadowhall is being sold by London & Stamford.
In British Land’s annual results in May last year, Meadowhall was valued at £1.42 billion. After two London properties, including an office complex, Meadowhall is British Land’s largest property. It was built in the 1990s and bought by British Land in 1999 for £1.17 billion. In 2009, the firm sold a 50 per cent stake to London & Stamford for £588 million.
Despite the tough retail climate, shopping complexes such as Meadowhall are still seen as a good investment opportunity due to their captive audience and good performance despite the conditions.
Yesterday, British Land released its results for the quarter to December 2011. Profits were up 6.3 per cent and annual rent of £32 million was secured in a binding deal.
Chris Grigg, Chief Executive, said, "These results reflect the resilience of British Land’s business. It is noteworthy that underlying profits are up 6.3 per cent despite the tougher economic environment. At the same time, occupancy, income and ERV all rose in the quarter. We have also made further progress on our office development programme."
He added, “Of course, the current economic outlook is uncertain, but overall our business is defensively positioned today and will benefit further as economic growth returns."
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