Insurance News Archive

Commercial property giants 'to sell retail assets'

Commercial property giants British Land and Land Securities are set to sell £750 million worth of retail assets in the next few weeks, it is reported.

The two companies are putting assets on the market at much lower prices than they would have expected to command a year-and-a-half ago, according to the Times.

Land Securities is discussing a deal to sell its one-third share of the Bullring shopping centre in Birmingham to the Australian government's Future Fund, for £200 million.

British Land is negotiating the sale of a 50 per cent stake in Meadowhall shopping centre in Sheffield to a joint venture between an Abu Dhabi fund and London and Stamford for around £550 million, according to the newspaper.

Jason Butler, a partner at Bloomsbury Financial Planning, said this week that investors have been put off buying commercial property as they have "had their fingers burnt" by falling market values.

28 Jan 2009