UK REIT British Land has purchased a freehold, mixed-use site in London's Ealing Broadway from private equity player Benson Elliot for £49 mln (€58 mln).
10-40 The Broadway, located in Ealing town centre, is a mixed-use, multi-let site comprising 21 high street retailers.
The asset covers around 70,000 ft2 (6,500 m2) and is adjacent to British Land’s Ealing Broadway W5 Local retail centre.
'Ealing Broadway W5’s outperformance over the last four years gives us considerable confidence to add to our holdings. The assets provide near-term income as well as future development opportunities that can be progressed when the time is right,' commented Charles Maudsley, head of Retail & Leisure for British Land.
'The area benefits from excellent transport infrastructure and will be a Crossrail station from 2019. More broadly, Ealing is undergoing a transformative redevelopment including £1 bn of new residential and commercial investment that continues to enhance its appeal,' added Maudsley.
'Having taken stewardship of the important Arcadia portfolio some four years ago, we’ve delivered a successful first phase of development and identified the opportunity on the Broadway site to create a vibrant mixed-use scheme adjacent to the new Crossrail station,' said Marc Mogull, managing partner at Benson Elliot. 'British Land has already demonstrated a strong commitment to Ealing’s town centre and their thoughtful approach to high-quality placemaking will serve the borough and its exciting future well.'
Since acquiring Ealing Broadway W5 in February 2013, British Land has completed a comprehensive refurbishment and relet almost one third of the centre.
