British Land exchanges on the disposal of £429m of Sainsbury´s superstores
(WorldNews Europe)

23 Apr 2019 British Land is pleased to announce it has exchanged on the sale of 12 superstores from its joint venture with Sainsbury`s for £429m, representing a net initial yield of 5.0%, to Realty Income Corporation. Our share of the proceeds will be £193.5m1 representing a modest premium to September 2018 book value. This is the latest example of how we are delivering against our clear long-term strategy to build an increasingly mixed-use business focused on three core elements: campus focused London offices; a smaller, refocused Retail business and Residential, principally build to rent. As part...