PREF, a partnership between British Land and Doric Properties, has completed the purchase of two European retail schemes for about EUR 135mln. In a statement, PREF said it has acquired Santarem Retail Park, a 28,253-m[sup]2[/sup] retail scheme in the central region of Portugal, for EUR 35mln from owner and developer Teilnahme. PREF has also completed the purchase of Terminal Nord Retail Park, a 32,304-m[sup]2[/sup] retail warehouse scheme in Udine, Northern Italy, for EUR100mln from developers Opit.
PREF, a partnership between British Land and Doric Properties, has completed the purchase of two European retail schemes for about EUR 135mln. In a statement, PREF said it has acquired Santarem Retail Park, a 28,253-m2 retail scheme in the central region of Portugal, for EUR 35mln from owner and developer Teilnahme. PREF has also completed the purchase of Terminal Nord Retail Park, a 32,304-m2 retail warehouse scheme in Udine, Northern Italy, for EUR100mln from developers Opit.
CB Richard Ellis advised PREF on both acquisitions.
Valentine Beresford, Director of BL European Fund Management, said: 'These prime schemes add to our critical mass in Europe and are excellent investment opportunities in well-located, highly sought after retail parks. We believe we can create new opportunities to improve profitability which will translate into further growth in the medium to long term.'
He said it is British Land's intention to continue to build upon the successes achieved so far and develop a fund which matches the success of the Hercules Unit Trust in the UK.
