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| British Land, Sainsbury's form £1.2bn joint venture The British Land Company PLC and J Sainsbury plc have agreed to create a £1.2 billion joint venture property partnership incorporating 39 superstores across the UK. The superstores, currently owned by British Land and leased to Sainsbury for 20 years, form the basis of the new 50:50 joint venture partnership. It will have an initial life of 10 years, with an option to extend, and British Land will actively asset manage and administer the JV properties. The JV value of £1.2 billion represents a net equivalent yield of 5.1 per cent. The consolidated net asset value for the new JV company is £544 million including British Land's existing £722 million of outstanding securitised third party debt which will be retained by the joint venture. write your comments about the article :: © 2008 Construction News :: home page |