Source : Business Times - 29 Jan 2009
Britain’s two biggest property companies, British Land Co plc and Land Securities Group plc, will sell £750 million (S$1.6 billion) worth of retail assets within weeks, The Times reported yesterday.
British Land is close to selling a 50 per cent stake in the Meadowhall shopping centre, Sheffield, for about £550 million to a joint venture between an Abu Dhabi fund and AIM-listed London & Stamford Ltd, the newspaper said without citing sources.
The Times also said that Land Securities is nearing completion of a deal to offload a one-third stake in the Bullring shopping centre in Birmingham to Future Fund, an Australian government fund, for £200 million.
The report said British Land and Land Securities are selling assets at substantially lower prices than they would have commanded 18 months ago to reduce debt.
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