British Land : expands in Ealing with £49m acquisition ahead of Crossrail

05 May 2017

British Land has acquired 10-40 The Broadway in Ealing town centre from Benson Elliot for £49 million.

The freehold 1.4 acre mixed use, multi-let site comprises 21 high street retailers. It covers 70,000 sq ft and is adjacent to British Land's Ealing Broadway W5 Local retail centre.

The site was previously subject to a residential-led planning application which has now been withdrawn enabling British Land to fully evaluate opportunities to grow value in conjunction with key stakeholders, including Ealing Council.

Charles Maudsley, Head of Retail & Leisure for British Land, said:
'Ealing Broadway W5's outperformance over the last four years gives us considerable confidence to add to our holdings. The assets provide near term income as well as future development opportunities that can be progressed when the time is right.

'The area benefits from excellent transport infrastructure and will be a Crossrail station from 2019. More broadly, Ealing is undergoing a transformative redevelopment including £1bn of new residential and commercial investment that continues to enhance its appeal.'

Marc Mogull, Managing Partner at Benson Elliot, commented:
'Having taken stewardship of the important Arcadia portfolio some four years ago, we've delivered a successful first phase of development and identified the opportunity on the Broadway site to create a vibrant mixed use scheme adjacent to the new Crossrail station.

'British Land has already demonstrated a strong commitment to Ealing's town centre and their thoughtful approach to high quality placemaking will serve the borough and its exciting future well.'

Since acquiring Ealing Broadway W5 in February 2013, British Land has completed a comprehensive refurbishment and relet almost one third of the centre.

Notes to Editors

About British Land

We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality UK commercial property, focused on Retail and London Offices and Residential. We own or manage total assets of £19.0 billion (British Land share is £13.9 billion) as valued at 30 September 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups.

Our strategy is to create Places People Prefer. It is based on long term trends and creates a portfolio suited to current and future needs which are aligned to modern lifestyles. We employ our placemaking skills, and increasingly our mixed-use expertise to expand the appeal to a broader range of occupiers and drive long term performance.

Retail accounts for 49% of our portfolio. We create outstanding places for modern consumer lifestyles, places to shop eat and be entertained. Comprising over 20 million sq ft of Retail and Leisure space across regional and local multi-let destinations, superstores, department stores and leisure assets, the Retail portfolio is modern, flexible and adaptable to a wide range of formats.

Office and Residential accounts for 49% of our portfolio. It comprises 7.6 million sq ft of well-connected office-led campuses and 'campus-lite' clusters of high quality buildings. Office campuses include Regent's Place and Paddington Central in the West End and Broadgate (50% share) in the City. Other assets include York House, 10 Portman Square and Marble Arch House and our residential assets are at Clarges Mayfair, The Hempel Collection and Aldgate Place.

Two per cent of our portfolio is at Canada Water - a 46 acre redevelopment opportunity in our medium term pipeline to create a new mixed-use urban centre for London.

Sustainability is embedded throughout our business. Our places become part of their local communities and promote health, improve productivity and increase enjoyment. We protect asset value through energy generation and efficiency, materials innovation and flood risk reduction and we develop skills and opportunities to help local people and businesses grow.

In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental benefits achievements over the last five years.

Further details can be found on the British Land website at www.britishland.com.

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