British Land’s spending spree starts with Surrey Quays stake

 
Kasmira Jefford
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PROPERTY giant British Land has embarked on its first buying spree since raising £1bn last month, reporting yesterday that it has bought out Tesco’s 50 per cent stake in Surrey Quays shopping centre for £48m.

The group has taken full control of the 300,000 square feet (sq ft) mall near Canada Water and said it will begin a £38m revamp of the site next year, which will include extending the mall, improving public spaces and transport connections.

The Surrey Quays centre is anchored by a 115,000 sq ft Tesco Extra and, as part of the deal, the supermarket chain has committed to a new long-term lease.

The deal comes just weeks after the developer raised £500m via a share placing and £472m selling Ropemaker Place in the City.

British Land also moved closer to realising plans for a residential-led scheme on the nearby 14.57 acre printing works site in Harmsworth Quays after Southwark Council gave the go-ahead for the Daily Mail General Trust to transfer the lease.