British Land expands shopping centre portfolio

Real estate investment firm British Land has acquired

a 50 per cent stake in Eden Walk shopping centre, Kingston-upon-Thames.

Purchasing the share from Universities Superannuation Scheme (USS) for £41.5 million, the acquisition is a further joint venture for the pair who are already joint venture partners overseeing the development of South Hampshire’s Whiteley Shopping Centre. Eden Walk is a 276,000 sq ft space in the South West London town with 22 shop units.

Graham Burnett, Head of Property for USS, welcomed the deal: “We are very pleased to be able to extend the successful relationship with British Land,” he said.

“Our combined skills will enable us to capitalise on the strength of the existing asset.”

Charles Maudsley, Head of Retail for British Land, believes that the latest project will provide important growth within the market.

“We are delighted to extend our successful relationship with USS and secure a key, strategic asset with extremely strong underlying fundamentals and significant development potential, increasing British Land’s exposure to the Greater London market,” he said.

“Kingston’s superb catchment and shopper profile offer huge potential and British Land has the ability, experience and the right strategy to deliver an exceptional world class town centre development.”