British Land mulls £300m asset sale to US property group

British Land is considering offloading £300m worth of assets to a United States property group, including three retail assets.

The real estate investment trust could sell Inverness Shopping Park, the Kingston Centre in Milton Keynes, and Serpentine Green in Peterborough to Florida-based Realty, The Sunday Times has reported.

Also included in the deal is a portfolio of six data centres and offices based in London, which are currently leased to Vodafone.

Realty entered the UK property market in 2019 when it entered into a joint partnership with British Land to take ownership of 12 Sainsbury’s supermarkets, in a deal worth £429m.

It now has a British portfolio worth over £2bn, having invested in a number of supermarkets, DIY stores, and retail parks.

Realty previously told investors that it sees the UK as an attractive investment hotspot.

Earlier this year, British Land’s chief executive Simon Carter said that retail parks “continue to be the winning retail format”. However, its shares have fallen by over a fifth this year, and the REIT dropped from the FTSE 100 into the FTSE 250 after a 21-year tenure.