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Joint Ventures

Puerto Venecia, Zaragoza, Spain

Puerto Venecia, Zaragoza, Spain

Tesco Bulwell, Nottingham

Tesco Bulwell, Nottingham, BLT Properties Ltd

Joint Ventures provide British Land with access to desirable properties (often off market) or introduce third party investors to assets owned by us, enabling us to create further opportunities. Each joint venture is a separate entity for the purpose, controlled by a board carrying equal representation from each partner. The entities are able to raise finance on the strength of their assets, with no support from the partners, thereby significantly lowering the initial equity investments. The enterprise is shared by the partners, over a specific agreed lifetime for the venture.

Activity since 31 March 2008 included:

  • sale of a 50% share in Meadowhall Shopping Centre by formation of our new joint venture with London & Stamford Property Green Park Property Trust;
  • distributions to British Land from the Joint Ventures of a total of £18 million over the year

Although some of the Joint Ventures have different year ends from British Land, the
accounting periods recognised are aligned to the Group’s March year end using management accounts, to assist the requirements of quarterly reporting.

Summary details of the principal Joint Ventures in which we have a 50% share are shown below.

 

Summary of British Land's share in joint ventures

JV Partner Portfolio valuation £m Net rent £m 1 Finance £m
BLT Properties Ltd
1 retail park, 8 Tesco superstores 		Tesco PLC 255 16 185
Tesco BL Holdings
2 retail parks, 2 shopping centres anchored by Tesco, 5 Tesco supermarkets 		Tesco PLC 492 33 315
Tesco British Land Property Partnership
district shopping centre anchored by Tesco 		Tesco PLC 94 7 45
Tesco Aqua Limited Partnership
21 Tesco Superstores 		Tesco PLC 532 30 487
The Scottish Retail Property Limited Partnership
Shopping centre in Aberdeen 		Land Securities PLC 168 13 119
BL Fraser Ltd
11 department stores 		House of Fraser Limited 138 12 91
Eurofund Investments Zaragoza SL 2
Puerto Venecia, out-of-town shopping scheme 		Private Investors & Copcisa Corp 196 3 73
Whiteley Village, Fareham
factory outlet shopping centre 		Universities Superannuation Scheme 25 3 -
BL Sainsbury Superstored Ltd
38 Sainsbury superstores, 1 Waitrose superstore 		J Sainsbury Plc 964 63 699

Meadowhall
Shopping centre in Sheffield

 

 LSP Green Park Property Trust 1,165 73 835

1 annualised net rent
2 Development project

 

As at 31 March 2009