JSAIY J Sainsbury Plc (QX)

   By Adria Calatayud 
 

British Land Co. PLC (BLND.LN) said Tuesday that it has exchanged contracts on the sale of 12 superstores from its joint venture with J Sainsbury PLC (SBRY.LN) for 429 million pounds ($557.1 million).

The FTSE 100-listed real-estate company said its share of the deal proceeds will be GBP193.5 million, representing a modest premium to the book value of the assets as of September 2018.

The company said the deal, which is expected to be completed at the end of May, will reduce its superstores exposure to around 1.3% of its portfolio based on September 2018 valuations.

British Land said the sale is part of its strategy of building a business focused on three elements--campus-focused London offices, a smaller retail business and residential properties principally built to rent. As part of this, the company's retail assets are expected to fall to between 30% and 35% of its portfolio of assets from around half currently.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

April 23, 2019 02:32 ET (06:32 GMT)

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