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British Land acquires London property portfolio

Real estate investment trust, British Land, has acquired a £183.8m portfolio in London, which included the Ealing Broadway Shopping Centre.

The retail complex was bought for £142.5m through shares, alongside five retail and office premises in Baker Street, Chiswick High Road, Putney High Street, Fulham Road and Great Portland Street.

British Land acquired 300,000 sq ft of space at the Ealing Broadway centre, which included a Virgin Active Gym, a multi-let office and 800 parking spaces.

The firm said the complex was located in an attractive and convenient part of West London, with good transport links and an annual footfall of around 15m people.

Further developments in the area, including a new leisure scheme, rail system and a residential quarter, will also be of benefit to the retail centre.

Charles Maudsley, head of retail, commented: “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.”

This was posted in Bdaily's Members' News section by Miranda Dobson .