British Land buys Ealing Broadway centre

Published:  11 February, 2013

Deal forms part of £183.8 m London portfolio purchase from Wereldhave

British Land has bought the Ealing Broadway shopping centre in West London from Dutch property company Wereldhave for £142.5m. The deal, structured through a share acquisition, represents a net initial yield of 6.9 per cent.

The deal forms part of a larger portfolio purchase covering £183.8m of properties across London. The portfolio also includes five retail and office properties in Baker Street, Chiswick High Road, Putney High Street Fulham Road and Great Portland Street.

Ealing Broadway shopping centre has 300,000 sq ft of retail and leisure space including a Virgin Active gym, 800 car parking spaces and a multi-let office building. The 7.5-acre freehold shopping centre, which has recently been refurbished and has over 60 retail units, is anchored by Primark, Marks & Spencer, Tesco, River Island and H&M with other occupiers including Boots, Jack & Jones and Wagamama.

It dominates the retail offer in the town centre and has an annual footfall of around 15 million with an affluent catchment of 1.6 million people. Looking forward, the centre is expected to benefit from significant levels of development in Ealing, including a new leisure scheme, the Dickens Yard residential quarter and Crossrail.

Charles Maudsley, BL’s head of retail, said: "Ealing Broadway is a highly attractive retail destination which meets the needs of today's consumers for convenient, well-located shopping. We believe there are significant opportunities to grow and develop the shopping centre as a retail destination both as we further improve the retail mix and increase the leisure offer and as the area benefits from residential development and the completion of Crossrail."

Jackson Criss and Strutt & Parker acted for British Land.

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