British Land snaps up Broadway Centre
Wed 13 February 2013, 6:16 pm
Real estate investment trust British Land has bought Ealing Broadway Shopping Centre from Wereldhave as part of a £183.8 million deal.
It said the recently refurbished 7.5 acre centre was expected to benefit from “significant” levels of projected development in the town, coupled with an “affluent catchment” of around 1.6 million people.
British Land cited Crossrail, the Dickens Yard residential development and the town-centre’s proposed new leisure developments as key projects.
Head of retail Charles Maudsley said the 60-store Broadway Centre was a “highly attractive” venue.
“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,” he said.
The centre’s 300,000 sq feet of retail and leisure space includes a Virgin Active Gym, a Marks & Spencer, Tesco, River Island, Wagamama, a Primark, and a Boots.
British Land said the portfolio it bought also included shops and offices in Baker Street, Chiswick High Road, Putney High Street, Fulham Road and Great Portland Street.
It said the Broadway Centre had been purchased for £142.5 million by way of share acquisition, and that the price represented an initial yield of 6.9%.
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