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British Land Co PLC on Tuesday said it bought Capital Retail & Leisure Park in Preston, England, which is 300,000 square feet big and has a mix of retailers such as Next PLC, Home Bargains and Walgreens Boots Alliance Inc.
British Land, a London-based commercial property development and investment company, said the £51.5 million acquisition represented a net initial yield of 8.43%.
Further, it bought the 90,000sq ft Solartron Retail park in Farnborough for £35 million for a net initial yield of 7.65%, with a mix of retailers such as Lidl, Pets At Home Group PLC and DFS Furniture PLC.
Lastly, British Land bought DFS in Cambridge for £7.4 million at a net initial yield of 7.14%, immediately adjacent to the B&Q, which it previously bought in financial 2022 for £24 million.
Meanwhile, it sold its 50% stake in Deepdale Retail park in Preston to UK real estate investor Melford Capital for £30.3 million at a net initial yield of 7.5%, which it said was in line with its strategy of actively recycling capital.
British Land shares were 0.7% higher at 402.50 pence each on Tuesday morning in London.
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