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Race Heats up for $790M Retail Park Portfolio

LONDON-Land Securities and Miller Properties are understood to be in the race to buy a portfolio of prime retail parks for pounds 500 million ($790 million)

By Anita Howarth | Updated on November 18, 2002

LONDON-Land Securities, the UK’s biggest quoted property company, is expected to face tough competition in the race to buy a £500 million ($790 million) portfolio of retail parks.

A spokeswoman for the company refused to comment on recent press speculation that Land Securities has appointed advisors to bid for the parks, owned by retailer Kingfisher.But speculation in the market is that a formal bid from the company will be made within days.

Land Securities is unlikely to have a clear run. Scottish developer Miller Properties is also said to be interested and industry insiders expect offers from British Land and Hammerson, which recently acquired retail park specialist Grantchester for £252 million ($383 million).

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