British Land Sells 75% Stake in Paddington Central Assets to GIC for $891 Mln

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By Anthony O. Goriainoff

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British Land Co. said Monday that it will sell a 75% stake in its Paddington Central assets in London to Singapore’s GIC for 694 million pounds ($891 million), and that this was 1% below the September 2021 book value.

The UK-based real-estate company said the proceeds from the transaction will be invested in value-accretive development opportunities within its portfolio, as well as growth areas which include development-led urban logistics in London, among others.

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The company said the transaction will see the creation of a new joint venture with ownership split 3:1 for GIC and British Land, respectively.

The company said completion is unconditional and will be finalized within three months.

“We expect the transaction to reduce EPS per share by 1.6 pence on an annualized basis prior to reinvestment. The transaction will marginally decrease net tangible assets per share, post fees and taxes, and will reduce leverage by around 500bps immediately on completion with proceeds to be reinvested in development and growth opportunities in line with strategy,” the company said.

Write to Anthony O. Goriainoff at anthony.orunagoria[email protected]

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Credit: www.marketwatch.com /

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