British Land sells 50 per cent stake in Spanish shopping centre

17th Oct 2013 07:03

British Land has disposed of its 50 per cent stake in the Puerto Venecia Shopping Centre and Retail Park in Spain, to Orion European Real Estate, having previously shared ownership of the asset under a joint venture partnership.The stake was sold for €144.5m, which British Land said was in line with valuation. Puerto Venecia comprises a 890,000 sq ft (82,600 sq m) retail park which opened in 2008 and a 1.4m sq ft (130,000 sq m) fashion and leisure phase which opened in October 2012.Charles Maudsley, Head of Retail for British Land, said: "We have worked well with Orion to successfully complete and let the scheme and the disposal is in line with our strategy of exiting our European business and halves our European exposure to 1%."NR