logo
Plus   Neg
Share
Email
Comment

British Land Buys Woolwich Estate In South East London For GBP 103 Mln

British Land Co Plc. (BRLAF, BTLCY,BLND.L) said Friday that it has acquired the Woolwich Estate, covering 4.9 acres in south east London for a headline price of 103 million pounds. This represents a net initial yield of 4.1 percent.

British Land noted that the acquisition builds on its portfolio of places benefiting from the Elizabeth Line, including Broadgate, Paddington Central and Ealing Broadway, and provides significant potential to drive growth and returns through the company's placemaking, asset management and development expertise.

The Woolwich estate covers 360,000 square feet of space in central Woolwich. Predominantly retail, it includes over 50,000 square feet of residential and 3,000 square feet of office space.

British Land noted that the area is already benefiting from significant regeneration, led by the Elizabeth Line which launches from Woolwich in December 2018, reducing journey times to Canary Wharf and Bond Street to 8 and 22 minutes respectively.

The Woolwich Estate comprises 56 retail units and has footfall of 6 million. It benefits from an improving local demographic with over 40 percent of residents falling within the top three most affluent groups, per CACI consumer classification.

Coinciding with the arrival of the Elizabeth Line, Greenwich Council are investing 31 million pounds to deliver a new "Creative District" which will transform five historic buildings into theatre and concert space, with offices and restaurants.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
HP Inc. (HPQ), the PC and printer business of the former Hewlett-Packard Co., on Thursday reported a profit for the first quarter that increased from last year and trumped analysts' expectations driven largely by a higher-than-expected revenues. The PC giant detailed a second-quarter and full year... Hormel Foods Corp. (HRL) reported a profit for the first quarter of fiscal 2018 that increased 28.9 percent from the prior year. Total net sales grew 2.2 percent from last year. Earnings per share topped analysts' expectations, while quarterly revenues missed their estimates. The company raised annual earnings per share guidance due to U.S. tax reform, while it maintained annual net sales outlook. Shares of Deutsche Telekom AG were losing around 3 percent in the morning trading in Germany after the telecom giant reported Thursday a decline in fourth-quarter EBITDA, a key earnings metric, with weak revenues. However, the company recorded a net profit, compared to loss last year on positive US tax effect. Deutsche Telekom lifted its dividend and said it expects higher earnings in 2018.
comments powered by Disqus
Follow RTT