The British Land Company PLC has exchanged contracts to acquire the outstanding 50% ownership of the BL Davidson joint venture. British Land is purchasing for approximately €340 million (approx. £253 million) the 50% shareholding held by the Davidson family interests, in consideration for loan stock to be issued by the Company. Completion is expected in August.
The joint venture was formed in 2001 by British Land and the Davidson family interests to acquire Asda Property Holdings Limited, an established and successful property investment company built up by Manny Davidson over many years. It specialises primarily in Retail Parks the overwhelming majority of which are in Open A1 Retail and Central London offices. The current investment portfolio has a value of over €950 million (£700 million).
Source: British Land