Edition:
United Kingdom

British Land Exchanges On Disposal Of 429 Mln Stg Of Sainsbury's Superstores


Tuesday, 23 Apr 2019 

April 23 (Reuters) - British Land Company PLC ::BRITISH LAND CO PLC - DISPOSAL OF SAINSBURY'S SUPERSTORES.BRITISH LAND COMPANY PLC - BRITISH LAND EXCHANGES ON DISPOSAL OF £429M OF SAINSBURY'S SUPERSTORES.BRITISH LAND COMPANY PLC - BRITISH LAND EXCHANGES ON DISPOSAL OF £429M OF SAINSBURY'S SUPERSTORES.BRITISH LAND COMPANY PLC - SHARE OF PROCEEDS WILL BE £193.5M REPRESENTING A MODEST PREMIUM TO SEPTEMBER 2018 BOOK VALUE..BRITISH LAND COMPANY - EXPECT RETAIL TO COMPRISE C.30-35% OF ASSETS OF OUR BUSINESS, DOWN FROM AROUND HALF TODAY..BRITISH LAND COMPANY PLC - NET PROCEEDS TO BRITISH LAND ARE EXPECTED TO BE C.£95M FOLLOWING REPAYMENT OF DEBT AND ASSOCIATED BREAK COSTS..BRITISH LAND - ONCE DEAL COMPLETES, SUPERSTORES EXPOSURE TO FALL TO 1.3% OF PORTFOLIO BASED ON SEPT 2018 VALUATIONS WITH 6 STANDALONE STORES REMAINING.BRITISH LAND - EXCHANGED ON SALE OF 12 SUPERSTORES FROM ITS JV WITH SAINSBURY'S FOR £429M, REPRESENTING A NET INITIAL YIELD OF 5.0%.