British Land snaps up stake in Kingston shopping centre

Real estate investment group British Land has acquired half of Eden Walk Shopping Centrre in Kington-upon-Thames, expanding its joint venture with private-sector pension fund USS.

The 50% stake in the shopping centre was purchased for £41.5m reflecting a net initial yield of 5.35%. USS will continue hold the remaining 50% stake.

Eden Walk is a 276,000 square foot open shopping centre in south-west London, containing 22 shop units, three offices and a 697 space multi-storey car park.

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"We are delighted to extend our successful relationship with USS and secure a key, strategic asset with extremely strong underlying fundamentals and significant development potential, increasing British Land's exposure to the Greater London market," said Charles Maudsley, British Land's Head of Retail.

Kingston's superb catchment and shopper profile offer huge potential and British Land has the ability, experience and the right strategy to deliver an exceptional world class town centre development," he said.

USS is already a joint-venture partner with British Land in the Whiteley Shopping Centre in South Hampshire, which is already 76% pre-let/under offer and due to open in spring next year.

By 08:24 on Tuesday, shares were down 0.28% at 536.5p.

BC