British Land snaps up shopping centre in Ealing
British Land has expanded its London portfolio with the purchase of a number of properties from Dutch real estate group Weraldhave, including the Ealing Broadway Shopping Centre.
British Land has expanded its London portfolio with the purchase of a number of properties from Dutch real estate group Weraldhave, including the Ealing Broadway Shopping Centre.
The acquired portfolio cost the FTSE 100 company £183.8m, with the Ealing retail asset being worth £142.5m alone.
It has 300,000 square feet of retail and leisure space, 800 car parking spaces and a multi-let office over a 7.5-acre site.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Ealing Broadway is an attractive convenient shopping destination in West London, well located in the centre of Ealing and close to the train and tube station," British Land said.
The firm added that the shopping centre "dominates" the retail offer in the town centre with an annual footfall of around 15m. Of the 1.6m people who live in the area, over a third are in the key retail spending group of 25-44 year olds, the firm added.
British Land's Head of Retail Charles Maudsley said: "We are delighted to have bought Ealing Broadway Shopping Centre. It is a highly attractive retail destination which meets the needs of today's consumers for convenient, well-located shopping.
"We believe there are significant opportunities to grow and develop the shopping centre as a retail destination both as we further improve the retail mix and increase the leisure offer and as the area benefits from residential development and the completion of Crossrail."
The rest of the acquired portfolio includes five retail and office properties in Baker Street, Chiswick High Road, Putney High Street, Fulham Road and Great Portland Street, which were bought for £41.3m.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published