British Land makes changes to portfolio

British Land has either sold, or has offers for, around £160m worth of assets this quarter

British Land (LON:BLND) confirmed its acquisition of Peterhouse Technology Park in Cambridge for £75m, with a net initial yield of 4.15%.

In addition, the FTSE 100 company has completed on the purchase of the Priestley Centre in Guildford for £12m, and the Finsbury Square Car Park for £20m.

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British Land has either sold, or has offers for, around £160m worth of assets this quarter at prices that are 6% above book value.

For example, the FTSE 100 company sold Virgin Active in Chiswick for £54.3m in line with book value, however, part of the agreement was to sell Woodfields Retail Park in Bury for £37.5m, 18% above book value.

“We are delighted with the momentum we are delivering across our business as the economy reopens. Leasing activity at our London campuses has been strong, with a significant amount of space going under offer to a broad range of occupiers in the last two months,” said Simon Carter, the chief executive officer of British Land.

“At the same time, we are continuing to deliver against our strategic priorities. We have sold off-strategy mature assets and will actively redeploy capital into opportunities that allow us to maximise our competitive advantage in asset management and development,” he added.

The British Land share price is up by 0.18% during the morning session on Thursday.

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