Search
 

Land Securities and British Land in $900M Scottish Joint Venture

LONDON-British Land and Land Securities have agreed to pool some of their Scottish retail assets to form a new limited partnership.

By Graham Parker | Updated on March 19, 2004

LONDON-British Land and Land Securities—-the UK’s two biggest property companies—-have agreed to pool some of their Scottish shopping centres in a new fund, the Scottish Retail Property Limited Partnership. The 50/50 partnership between the two companies will initially own over 1.4 million sf of retail space worth £500 million ($900 million).

The properties, in Aberdeen and East Kilbride, currently produce gross rents of £32 million ($58 million) per annum from over 330 tenancies. British Land will be undertaking the administration role for the partnership, with Land Securities providing the asset and property management services.

In Aberdeen, British Land’s St. Nicholas Centre and Land Securities’ Bon Accord Centre make up the current prime retail pitch between the John Lewis store and Union Street. Plans here include providing more retail floor space to accommodate current requirements and to improve the connectivity and public realm in the city centre.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.