The biggest asset in the portfolio is Ealing Broadway shopping centre in west London, which is anchored by retailers including Marks & Spencer and Primark and attracts 15m visitors each year. British Land paid £142.5m for the 300,000 square feet mall, which it expects to benefit from the completion of Crossrail in 2018. The centre will then be just 13 minutes from Heathrow and 19 minutes from Liverpool Street.
“We believe there are significant opportunities to grow and develop the shopping centre as a retail destination, both as we further improve the retail mix and increase the leisure offer and as the area benefits from residential development and the completion of Crossrail,” Charles Maudsley, head of retail, said.
The portfolio also includes five retail and office properties in Baker Street, Chiswick High Road, Putney High Street, Fulham Road and Great Portland Street, bought for £41.3m.