British Land invests in Paddington estate

Suzie Neuwirth

BRITISH Land today announced that it has acquired the majority of Paddington Central, a 1.2 million square foot mixed use estate close to Paddington station, for £470m.

In March the property firm raised £493m in an equity placing to finance attractive investment opportunities.

Today’s deal brings the total amount invested to over £750m excluding any associated potential development spend.

“This is the most significant acquisition we have made since the equity placing in March and we are confident that investment of those proceeds will now be accretive to 2014 earnings, ahead of our original objective,” said chief executive Chris Grigg.