British Land sells off retail parks

Property group British Land has announced the sale of two UK retail parks for 78 million pounds.

The St James Retail Park in Dumbarton, Scotland has been sold to The Legal & General Property Unit Trust for 45.75 million pounds, while the Cwmbran Retail Park in Wales has been sold to UBS for 32.3 million pounds.

Charles Maudsley, head of retail for British Land, said: "These sales are in line with our strategy to further focus our retail portfolio on high quality, locally preferred shopping destinations. Over the last 12 months, we have sold 386 million of retail assets which is broadly matched by the acquisitions we've made. Our most significant acquisition was SouthGate, a high quality shopping centre in Bath."