British Land has announced it is withdrawing from Continental Europe and selling its £255 mln (€300 mln) retail holdings there over time.
British Land has announced it is withdrawing from Continental Europe and selling its £255 mln (€300 mln) retail holdings there over time.
Presenting its full-year results to end-March 2013, the UK REIT blamed the economic crisis in Spain and Portugal for the decision.
The Continental European business represents a tiny fraction of British Land's £10.5 bn portfolio but these assets fell 17% in value during the company's financial year.
British Land CEO Chris Grigg said: 'Looking forward, we consider Europe to be a subscale business for us and our intention is to exit over time'.
'It could be a long haul, the market's not that easy in Europe at the moment and we don't expect any near-term announcement but this is a very clear statement of intent.'
British Land has amassed £1 bn to invest in the UK.
