LONDON--British Land Co PLC (BLND.LN), a real estate investment
trust, Thursday announced the purchase of its joint venture partner
Tesco's (TSCO.LN) 50% holding in the 300,000 square feet Surrey
Quays Shopping Centre for 48 million pounds.
MAIN FACTS:
-Following the purchase, British Land's ownership in the centre
will be 100%.
-As part of the deal, Tesco has committed to a new long-term
lease on its store and the petrol filling station, which account
for a significant part of the center's income.
-New agreement increases the weighted average lease length of
the centre to 9.4 years.
-Intends to progress plans in 2014 (subject to planning) for a
GBP38 million upgrade of the shopping centre which will include a
100,000 square feet extension, the extensive refurbishment of the
existing centre along with improvements to public spaces and
connections to Surrey Quays and Canada Water tube and bus
stations.
-Surrey Quays Shopping Centre in Canada Water, South East
London, is anchored by a 115,000 square feet Tesco Extra with
retailers including Bhs, River Island, New Look, JD, Boots, Burton
and Dorothy Perkins.
-Shares of British Land on Wednesday closed at 548 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
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