British Land Company PLC (LSE:BLND) has acquired the Peterhouse Technology Park in Cambridge for £75mln, representing a net initial yield of 4.15%.
The property company has also exchanged on the acquisition of the Priestley Centre in Guildford, located on the Surrey Research Park, for £12mln and bought the Finsbury Square Car Park, near Moorgate in central London, for £20mln.
In the current quarter, British Land has sold or has offers for roughly £160mln of assets at prices that are 6.0% ahead of book value. This includes the recent sale of Virgin Active in Chiswick for £54.3mln in line with book value and the part sale of the Woodfields Retail Park in Bury for £37.5mln, 18% ahead of book value.
"We are delighted with the momentum we are delivering across our business as the economy reopens. Leasing activity at our London campuses has been strong, with a significant amount of space going under offer to a broad range of occupiers in the last two months,” said Simon Carter, the chief executive officer of British Land.
“At the same time, we are continuing to deliver against our strategic priorities. We have sold off-strategy mature assets and will actively redeploy capital into opportunities that allow us to maximise our competitive advantage in asset management and development,” he added.