British Land Co. PLC (BLND.L, BTLCY.PK, BRLAF.PK) said it acquired 50% interest in Eden Walk Shopping Centre in Kingston-upon-Thames, South West London, from Universities Superannuation Scheme or USS for 41.5 million pounds, reflecting a net initial yield of 5.35%.
The Eden Walk Shopping Centre acquisition forms another joint venture or JV between British Land and USS, who would continue to hold the remaining 50% stake. British Land and USS are already JV partners developing the Whiteley Shopping Centre in South Hampshire.
British Land stated that it would be responsible for asset management of the shopping centre with immediate effect.
As part of the transaction, British Land would act as development manager appraising opportunities to extend and enhance the centre in liaison with other key stakeholders, including The Royal Borough of Kingston-upon-Thames.
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