Out of Town Retail

Superstores

Sainsbury's, Cambridge

British Land’s investment in superstores represents 9.4% of the total portfolio.

We are the largest owner of UK superstores, other than the operators themselves.

The increasingly restrictive regulatory and planning environment, coupled with a highly competitive occupational market maintains occupier preference for long term secure leases and maintains demand tension leading to rental growth.

British Land has formed two strategic joint ventures with Tesco and Sainsbury; working with the operators themselves helps align our business strategies to maximise the value of our assets. Our most recent joint venture, BL Sainsburys Superstores Limited, was formed in March 2008 and included 39 superstores across the UK to a total value of £1.2 billion. British Land will retain the management on behalf of the Joint Venture.

Facts and figures

British Land’s share £1.3 billion
Total value £2.4 billion
94 superstores located across England, Wales and Northern Ireland
Average store size 64,000 sq ft
Rent passing, British Land Share £66m pa
Average rent BL £20.70 per sq ft
Weighted average lease term to break (and expiry) 20.3 years

Tenants

Morrisons/Safeway
Sainsbury’s
Somerfield
Tesco
Waitrose

As at 31 March 2008