UK REIT British Land has acquired the Crystal House Block in Ealing Broadway, West London, from a Northern Irish private investor for £28.8 mln (€35 mln).
UK REIT British Land has acquired the Crystal House Block in Ealing Broadway, West London, from a Northern Irish private investor for £28.8 mln (€35 mln).
The deal reflects a net initial yield of 5.95%.
The block forms one of the three entrances to Ealing Broadway Shopping Centre which British Land acquired in February 2013 and provides single ownership of the entire centre for the first time in the scheme’s 30-year history.
The Crystal House Block, which fronts The Broadway, comprises 32,000 sq ft (3,000 m2) of retail across a 21,000 sq ft office block and 125 car parking spaces. Key retail tenants include The Body Shop, Monsoon, The Perfume Shop and Ernest Jones.
'The acquisition of the front section of Ealing Broadway Shopping Centre unlocks significant opportunities to grow and develop the entire centre by continuing to improve the retail mix and increasing the leisure offer,' said Charles Maudsley, head of retail for British Land.
Ealing Broadway Shopping Centre now comprises 330,000 sq ft (30,700 m2) of retail and leisure space (including a Virgin Active Gym), 800 car parking spaces and a multi-let office.
British Land was represented by Cushman & Wakefield and Knight Frank. The vendor was represented by Belfast based BTWShiells.
