Stock Market News
British Land agrees to buy further stake in Hercules Unit Trust
05-02-2014 07:11
Add To Google +1 | Tweet |
British Land has agreed to buy a further 41m pound stake in Hercules Unit Trust (HUT), a retail park property unit trust.
The FTSE 100 company has also submitted an application to Schroder Property Managers, the manager of HUT, for another £35m of further units.
HUT had a portfolio of £1.5bn and contracted net rent of £86.5m at the end of 2013. The portfolio includes 17 retail parks across the UK including Glasgow Fort Shopping Park and 50% of Fort Kinnaird Shopping Park, Edinburgh.
Occupiers include the likes of Arcadia, Asda, Boots, Marks & Spencer, Next, Sports Direct and TK Maxx. British Land is the property adviser to HUT.
When British Land acquires the minimum amount of £41m to which it is entitled under its pre-emption rights, its share in HUT will increase to 54.2% from 49.2%.
HUT will be accretive to British Land's earnings.
Following the transaction, HUT will be treated as a subsidiary and consolidated in British Land's accounts from March 31st.
Charles Maudsley, Head of Retail at British Land, said, "HUT has some of the highest quality retail parks in the country. The purchase of additional units is in line with our strategy of focusing on retail locations which are the preferred local destination for shoppers, are flexible, affordable and capable of remaining at the heart of retailers' omni-channel offer."
RD
The FTSE 100 company has also submitted an application to Schroder Property Managers, the manager of HUT, for another £35m of further units.
HUT had a portfolio of £1.5bn and contracted net rent of £86.5m at the end of 2013. The portfolio includes 17 retail parks across the UK including Glasgow Fort Shopping Park and 50% of Fort Kinnaird Shopping Park, Edinburgh.
Occupiers include the likes of Arcadia, Asda, Boots, Marks & Spencer, Next, Sports Direct and TK Maxx. British Land is the property adviser to HUT.
When British Land acquires the minimum amount of £41m to which it is entitled under its pre-emption rights, its share in HUT will increase to 54.2% from 49.2%.
HUT will be accretive to British Land's earnings.
Following the transaction, HUT will be treated as a subsidiary and consolidated in British Land's accounts from March 31st.
Charles Maudsley, Head of Retail at British Land, said, "HUT has some of the highest quality retail parks in the country. The purchase of additional units is in line with our strategy of focusing on retail locations which are the preferred local destination for shoppers, are flexible, affordable and capable of remaining at the heart of retailers' omni-channel offer."
RD
Related share prices |
---|
British Land Company (BLND) share price |
Stock News is provided by Digital Look Corporate Solutions from Sharecast news. Please read the terms and conditions of useage of this data. Republication or redistribution of content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Digital Look Ltd.
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- RBS share price
- Diageo share price
- Standard Life Share Price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- Morrisons Share Price
- Aviva Share Price
- LGO Share price
- Tullow Oil Share Price
- SXX Share Price
- Easyjet Share Price
- Next Share Price
- Thomas Cook Share Price
- SSE Share Price
- IAG Share Price
- Bat share price
- Monitise Share Price
- Kingfisher share price
- Dragon Oil share price
- UKOG share price
- SOLG share price