British Land snaps up three UK retail parks for 94 million pounds

Shopping centre owner British Land has bought three new retail parks for a total of 94 million pounds.

The British company announced Tuesday it has acquired the Capitol Retail and Leisure Park in Preston for 51.5 million pounds; Solartron Retail Park in Farnborough for 35 million pounds; and DFS, a retail warehouse in Cambridge, for 7.35 million pounds.

British Land also announced the sale of its 50 percent stake in Deepdale Retail Park in Preston to Melford Capital for 30.3 million pounds.

It said these deals are “in line with our strategy to actively recycle capital and consolidate our position as the UK’s largest owner and operator of retail parks, strengthening our ability to sign portfolio leasing deals and enhance returns”.

Kelly Cleveland, the head of strategy and investment at British Land, said in a release: “With retailers increasingly focused on the role of their stores, retail parks have emerged as a preferred format, due to their compatibility with omni-channel retail, their affordability and appeal to online resilient businesses.

“This is driving good occupational demand across the portfolio reflected in our 97 percent occupancy and growing estimated rental values (ERVs).”