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British Land acquires 50% stake in Kingston shopping centre for £41.5m Tuesday, 31st July 2012
British Land has acquired a 50 per cent stake in Eden Walk Shopping Centre in South West London’s affluent Kingston-upon-Thames.
The property developer spent £41.5 million on the purchase from Universities Superannuation Scheme (USS), reflecting a net yield of 5.35 per cent.
Anchored by Marks & Spencer, Sainsbury’s, Boots and BHS, Eden Walk houses 22 shop units across 276,000 sq ft, along with three offices and a 697 multi-storey car park. British Land will act as development manager for the centre as part of the transaction.
Found in the heart of Kingston’s thriving town centre, the development forms another joint venture for British Land and USS, who will continue to hold a 50 per cent stake. The two property firms also operate as partners for the development of the Whiteley Shopping Centre in South Hampshire.
Charles Maudsley, Head of Retail for British Land, said: “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. 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.”
Graham Burnett, Head of Property for USS, said: “We are very pleased to be able to extend the successful relationship with British Land. Our combined skills will enable us to capitalise on the strength of the existing asset.”
CBRE acted for British Land and USS was represented by Jones Lang LaSalle and Morgan Williams.