British Land Company plc Announces Sale Of Seven Foodstores

British Land Company plc announced that it has sold seven foodstores for GBP118 million (British Land share GBP62 million) to institutional purchasers at net initial yields of between 4.95% and 5.7%, in line with March valuations. Tesco in Wembley (Tesco JV) was bought by private clients of Orchard Street for GBP61.9 million representing a net initial yield of 5.5%, while Sainsbury's in Leicester (Sainsbury's JV) was sold to Sainsbury's for GBP21.7 million representing a net initial yield of 5.2%. Sainsbury's in Chadwell Heath (Sainsbury's JV), Waitrose in Frimley (Sainsbury's JV) and Aldi in Gorton were sold to clients of CBRE Global Investors for GBP19.2 million, GBP9.6 million and GBP3.2 million respectively, representing net initial yields of 5.2%, 4.95% and 5.7%. Co-Op stores in Barton and Cleethorpes were bought by consumer co-operative Lincolnshire Corn Exchange & Markets Ltd for GBP2.9 million representing a net initial yield of 5.4%.