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Name | Symbol | Market | Type |
---|---|---|---|
British Land Company (PK) | USOTC:BTLCY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.39% | 5.14 | 5.03 | 5.14 | 5.15 | 5.105 | 5.15 | 2,026 | 21:02:51 |
By Ed Ballard
LONDON-- Tesco PLC has agreed a 733 million-pound ($1.08 billion) real-estate swap with British Land Co. in a deal the U.K. supermarket giant said will simplify the business and mean it owns the freehold of more of its stores.
The company will also get a cash payment of GBP96 million pounds as it seeks to revive its fortunes.
British Land has sold to Tesco its 50% stake in a portfolio of 21 stand-alone food stores valued at GBP352 million, the companies said Friday. In exchange, the commercial developer bought Tesco's 50% interest in two portfolios valued at GBP381 million that are made up of shopping centers and retail parks anchored by Tesco outlets.
"Last year we identified the opportunity to increase the proportion of our stores we own as freehold," said Tesco's Chief Executive Dave Lewis.
"This transaction with British Land allows us to increase our ownership and thereby insulate more of our businesses from indexed rent reviews...This agreement makes our business simpler and stronger," he added.
The cash payment of GBP96 million reflects the difference in value between the assets changing hands and their associated debt, British Land said.
Write to Ed Ballard at ed.ballard@wsj.com
Access Investor Kit for The British Land Co. Plc
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