Wed, 15 May 2013 | COMMERCIAL PROPERTY
Property developer British Land is due to sell its portfolio of properties in mainland Europe.
The company wants to sell its retail properties on the continent, which are worth in the region of £255 million.
The assets lost around a fifth of their value following the economic crash that had a particularly strong impact on property prices in Spain and Portugal. In fact, British Land has said that its mainland European property portfolio lost 17 per cent of its value in the year to the end of March due to widening yields and rental concessions.
Chris Crigg, chief executive at British Land, commented: “Looking forward, we consider Europe to be a subscale business for us and our intention is to exit over time.”
He added that the business is not yet in any active discussions with buyers, noting: “It could be a long haul, the market's not that easy in Europe at the moment and we don't expect any near-term announcement but this is a very clear statement of intent.”
British Land's entire portfolio has a value in the region of £10.5 billion, of which the European properties make up around 2.4 per cent. Included among these is the biggest mall in Spain, the 200,000 sq metre Puerto Venecia shopping centre in Zaragoza.
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