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.

"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.

Recommended

Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021