British Land acquires assets at Paddington Central estate

5th Jul 2013 07:07

British Land has acquired a majority of Paddington Central, a, 11 acre mixed use estate in London's West End. The property comprises seven modern buildings and a retail and leisure cluster, totalling 1.2m sq ft.The company said the £470m investment offers an "attractive blend of income and capital return, with major development potential and significant future opportunity to improve the estate through asset management". On completion of the developments, British Land will own 1.0m sq ft of a 1.6m sq ft estate."We are delighted to have bought into Paddington Central," said Chief Executive Officer, Chris Grigg."It is an investment which plays to our asset management and development strengths, is in line with our strategy of increasing exposure to London and replenishing the development pipeline, and one we expect to generate strong returns." RD