British Land sells Sainsbury stores for £429m


British Land has sold 12 superstores from its joint venture with Sainsbury’s to San Diego-based Realty Income Corporation for £429m.

The deal represents a net initial yield of 5%, a modest premium to September 2018 book value. British Land’s share of the proceeds will be £193.5m. Net proceeds to British Land are expected to be around £95m following the repayment of debt and associated break costs. 

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