Joint Ventures

• Puerto Venecia, Zaragoza,
  Spain

  

• Tesco Bulwell, Nottingham

  

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

As at 31 March 2009  

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