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British Land has today confirmed the acquisition of a portfolio comprising seven premium retail parks for £441m.

The real estate behemoth explained that it would finance the purchase with its current assets alongside an equity placing valued at approximately £300m, through an accelerated bookbuild process, as reported by .

The portfolio was bought from Canadian investment heavyweight Brookfield and boasts a passing rent totalling £29.5m, alongside an impressive net initial yield of 6.7 percent.

These well-occupied assets, maintaining a 99 percent occupation rate, all feature a major superstore which anchors them.

Included in the assets are noted retail locations such as Elliott's Field Shopping Park in Rugby, Central Retail Park in Falkirk, and Wellington Retail Park in Waterlooville.

Chief Executive Simon Carter commented on the deal, stating: "The acquisition of this high quality portfolio builds upon our market leading position in retail parks. Parks remain the preferred format for retailers and we have deployed £711m of capital into this subsector since 1 April 2024."

He further elaborated on the financial benefits: "These assets offer an attractive yield and strong rental growth prospects in line with our guidance of three per cent to five per cent. Combined with the proposed placing, they will be immediately earnings accretive and are expected to deliver double digit ungeared internal rates of return."

"The broader business also continues to trade well with a good level of leasing in the period and cost discipline underpinning our profit performance. We expect portfolio values to be marginally up for the half year, with continued rental growth across the portfolio."