A commercial real estate property located in London had a 50 percent interest acquired by British land, for approximately £41.5 million (USD $64.8 million).
The property, Eden Walk Shopping Centre in Kingston-upon-Thames in South West London, had half of its valuation sold to British Land from Universities Superannuation Scheme for the aforementioned amount. This created a joint venture between USS and British Land, which is the second such partnership between the two organizations. The other venture is the Whiteley Shopping Centre in South Hampshire.
"We are delighted to extend our successful relationship with USS and secure a key, strategic asset with extremely strong underlying fundamentals and significant development potential, increasing British Land’s exposure to the Greater London market," said Charles Maudsley, head of retail for British Land.
The Eden Walk property has approximately 276,000 square feet of space, as well as more than 20 stores and three offices. Overall, the area has nearly 700 parking spaces. The Centre's anchor businesses are Sainsbury's, Boots, BHS and Marks & Spencer. British Land will be put in charge of the property's asset management issues.