The British Land Company PLC has contracted to sell its interests in its residential property investment portfolio to clients of Insight Investment for a total consideration of approximately £300 million (being the most recently reported net asset value). At the same time a subsidiary of British Land has entered into a contract under which it will provide on-going asset management services for the portfolio.
Stephen Hester, Chief Executive of British Land, commented: The sale of these residential assets results from our continuing review of the portfolio to identify non-core assets for disposal. We are also pleased to be utilising our asset management expertise in the sector on an ongoing basis as advisers to Insight, thereby extending the fund management track record and earnings of British Land. We look forward to a fruitful partnership and helping them to build a leadership position in this sector.
Source: British Land