British Land Sells GBP118 Million of Foodstores at Current Valuation
09/21/2012| 02:26am US/Eastern
LONDON--British Land (>> The British Land Company plc) said Friday it sold seven foodstores for 118 million pounds to institutional purchasers at net initial yields of between 4.95% and 5.7%, in line with or above March valuations, saying that its share was GBP62 million.
-Tesco in Wembley (Tesco JV) was bought by private clients of Orchard Street for GBP61.9 million representing a net initial yield of 5.5%; Sainsbury's in Leicester (Sainsbury's JV) was sold to Sainsbury's for GBP21.7 million representing a net initial yield of 5.2%.
-Sainsbury's in Chadwell Heath (Sainsbury's JV), Waitrose in Frimley (Sainsbury's JV) and Aldi in Gorton were sold to clients of CBRE Global Investors for GBP19.2 million, GBP9.6 million and GBP3.2 million respectively, representing net initial yields of 5.2%, 4.95% and 5.7%.
-Co-Op stores in Barton and Cleethorpes were bought by consumer co-operative Lincolnshire Corn Exchange & Markets Ltd for GBP2.9 million representing a net initial yield of 5.4%.
-Shares closed Thursday at 533 pence valuing the company at GBP4.7 billion.
-Write to Ed Ballard at email@example.com
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