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| | The !..:Bazaar Fundas:...! Network is not currently active and cannot accept new posts | | Cross-border investment | Views: 757 | | Mar 18, 2007 9:42 pm | | Cross-border investment | # | 
Tribal Route | |
British Land casts a net at Spanish retail
By Jonathan Russell, Sunday Telegraph
Last Updated: 11:52pm GMT 10/03/2007
British Land has become the biggest owner of out-of-town shopping centres on the Continent with the acquisition of a €350m (£237m) shopping centre in Murcia, Spain.
The UK's second-biggest real estate investment trust will announce the purchase of Nueva Condomina this week, when Europe's commercial property industry gathers in Cannes, France for its annual jamboree.
British Land chief executive Stephen Hester said: "This is one of the biggest out-of-town shopping centres in Spain, roughly the size of the Lakeside centre in the UK. It underlines what we are doing in Europe. Eighteen months ago we had nothing, now we are the largest out-of-town retail owner in Continental Europe."
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http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/03/11/cnland11.xml
British Land's acquisition is its second major investment in the Spanish retail market in six months. In June last year the company entered into a joint venture with a local contractor to develop a €500m shopping centre in Zaragoza.
Stephen Hester said that while the company would look to continue to expand its out-of-town retail offering it had no plans to move into other commercial property sectors on the Continent.
He said: "The out-of-town retail market in Continental Europe is developing in exactly the same way as it did in the UK but doing it 15 years behind. We are only going to go into areas where we have competitive advantage. We want to do things we can be good at."
British Land's tempered approach to European investment is in contrast to many other players who are looking further afield than France, Spain and Germany to find growth.
Weaver said: "High prices and the prospect of lower returns are likely to encourage those requiring higher returns to move further up the risk curve. Investors will look towards Russia, Turkey and the Baltics in search of value and we see these markets increasing their share of activity in 2007."
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