By David Parsley2019-04-23T06:52:00
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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