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Wal-Mart Sells Swindon Retail Scheme to British Land

LONDON-Asda Wal-Mart has sold the 200,000-sf Orbital Shopping Park in Swindon, Wiltshire, to British Land. The park was developed by Wal-Mart next to its first UK supercentre as part of the new town centre at Haydon, north Swindon.

By Graham Parker | Updated on February 25, 2002

LONDON-Asda Wal-Mart has forward-sold the 200,000-sf Orbital shopping park in Haydon, north Swindon, Wiltshire, to British Land for about £53 million ($75 million). The park is being developed by Wal-Mart alongside a 150,000-sf Supercente–its first purpose-built supercentre in the UK–and benefits from a valuable unrestricted A1 planning consent.

The purchase price reflects an initial yield of around 6.5%, and the final purchase price will depend on the rent achieved on the last lettings. Wal-Mart has already pre let 75% of the floorspace to Schroders’ DIY brand Homebase; Kingfishers electricals format Comet; fashion group Next and JJB Sports. It says strong interest is being shown in the remaining units at rents of over £25 ($36) per sf.

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