S J Berwin & Co - Other - The British Land Company Plc £420 Million Joint Venture With Tesco Plc

Date: 04 Mar 1998

S J Berwin & Co acted for The British Land Company PLC in connection with the creation of The Tesco British Land Property Partnership, a partnership established to acquire a portfolio of properties with a value of approximately £330 million. British Land has contributed properties valued at approximately £120 Million to the partnership and Tesco has contributed properties valued at approximately £210 million. In addition, the partnership anticipates incurring additional development expenditure of around £90 million.

Initially, the partnership will be funded in equal proportions by Tesco and British Land. It is anticipated that the partnership will secure long term finance in the future.

The new partnership follows the previous joint venture company established between British Land and Tesco in November 1996 (valued at approximately £170 million), on which S J Berwin & Co also acted.

S J Berwin & Co has recently acted for British Land in connection with a number of other significant property joint ventures including those with The Great Universal Stores PLC (valued at approximately £960 million), Rank Leisure Holdings PLC (valued at approximately £160 million) and Countryside Properties PLC (valued at appropriately £20 million).

The S J Berwin & CO team was led by corporate partners Jonathan Metliss and Michael Goldberg, property partners Stephen Willson, Jeff Smith, and Maurice Fireman, and tax partner Heather Corben.

For further information, please contact Jonathan Metliss or Alex Nason on 0171 533 2222.

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