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FILE PHOTO – Shopping carts are lined up in front of a Sainsury supermarket in London on October 5, 2011. REUTERS / Luke MacGregor
(Reuters) – The British Land Company Plc and its joint venture partner Sainsbury Plc sold 12 Superstores to US-based Realty Income Corp. for £ 429 million.
British Land stated that its share of proceeds from the sale would be £ 193.5 million and that the portfolio would represent a modest premium to the book value of the company in September 2018.
The agreement, which should be finalized in May, will reduce British Land's Superstores exposure to 1.3% of its portfolio and will remain six independent stores, he said.
"We are focused on the subsequent sale of retail badets that are not aligned with our strategy and continue to progress well," said British Land.
Realty Income Corp. stated separately that the transaction was a long-term net lease and was the company's first international property acquisition.
Report by Karina Dsouza in Bengaluru; Edited by Gopakumar Warrier
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