Property company British land has offloaded seven food stores to institutional investors.

The company sold the gaggle of supermarkets at prices in line with March valuations to raise £118m, of which British Land's share is £62m. The stores were sold at net initial yields of between 4.95% and 5.7%.

Charles Maudsley, Head of Retail for British Land, said: "On the back of good demand in the food store sector, we have sold over £100m of food store investments featuring a variety of ages, rent levels and lease expiries. The sales were in line with, or above, our March valuations, reflecting the income security and growth prospects for the various stores. This is very much in line with our stated strategy of capital recycling to maximise our portfolio returns."

JH

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