Strategic partnerships enable us to accelerate returns, stretch our equity and share risk. In most cases, we provide asset management, development, corporate and financial services for which we earn performance and management fees. Around half our assets by value are in joint ventures or funds. See more detail on these below.
Partner | Property/Portfolio | BL Ownership | |
AustralianSuper | Canda Water Masterplan | 50% | |
Aviva | SouthGate Shopping Centre, Bath | 50% | |
GIC | Broadgate* | 50% | |
Modon Holding & GIC* | 2FA* | 25% | |
GIC | Paddington Central | 25% | |
M&G | Fort Kinnaird, Edinburgh | 50% | |
Norges | West One Shopping Centre | 25% | |
PIMCO Prime Real Estate | 10 Portman Square, Marble Arch House, York House | 25% | |
Royal London Asset Management | 1 Triton Square, Regent's Place | 50% | |
USS | Whitley Shopping Centre | 50% | |
USS | Eden Walk, Kingston | 50% |
Each joint venture is a separate entity, controlled by a board carrying equal representation from each partner. Where these entities choose to raise external debt finance, it is raised on the strength of their assets, with no recourse to the partners, thereby lowering the equity investments.
*2FA is held in a 50:50 Joint Venture between Broadgate REIT and Modon Holding. BL holds a 50% interest in Broadgate REIT and an effective 25% interest in 2FA