On Wednesday, British Land Co Plc, a property firm, said it acquired a portfolio of seven retail parks from Brookfield Asset Management (NYSE: BAM) for 441 million pounds ($585.34 million), increasing its position in the retail park market.
The Broadgate owner has been doubling down on its investments in retail parks since 2021 as its core business of office-focused campuses still recovers from steep valuation declines in the aftermath of the Covid pandemic and the ill-timed UK mini-budget of 2022.
The company also announced a proposed equity placing to raise about 300 million pounds via an accelerated bookbuild to help fund the deal, alongside existing cash and in-place facilities.
The London-listed firm, now the UK’s largest direct owner and operator of retail parks, said it expects underlying profit of 142 million-144 million pounds for the six months ending September 30.
The deal and proposed placing is expected to be accretive to earnings per share in FY25 and beyond.
($1 = 0.7533 pounds)
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
