Superstores
Tesco and Sainsbury's account for approximately 21% of our total retail rent roll.
Food and grocery retail accounts for over 40% of total retail spending in the UK and is dominated by the four principal national operators (Tesco, Asda, Sainsbury's and Morrisons). More recently, the operators move to increase their non-food offerings have allowed them to gain a further share of consumer spending.
Our 6 million sq ft superstore portfolio includes 40 Sainsbury's stores, 35 Tesco stores and 14 Somerfied stores. With an average lease expiry term of 17 years to first break, our superstore portfolio generates a secure high quality income stream which has grown consistently over the last ten years.
21%
Share of retail rent roll
6.1 million sq ft
Portfolio size
Tesco, Pontypridd
The joint venture has agreed to fund a 22,000 sq ft extension in Pontypridd. Work started in March 2011 and is due to complete in January 2012.
British Land currently has a second store extension with Tesco under discussion of circa 20,000 sq ft in Ashford.
Sainsbury, Hoddesdon and Durham
The joint venture sold four ex-growth properties back to Sainsbury's and purchased two new ones (Hoddesdon and Durham) in June 2010. These new stores have been put in securitisation. British Land has agreed extensions at Thornhill (construction finished in April 2011), Kimberley (on site, due to complete August 2011) and Preston (on site, due to complete September 2011).
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