International law firm SJ Berwin is delighted to announce that its Real Estate practice has advised long standing client British Land on the acquisition of a portfolio of properties in London from Wereldhave for £177.45 million. The most significant asset in the portfolio is Ealing Broadway Shopping Centre which has been purchased for £142.5 million by way of share acquisition, representing a net initial yield of 6.9%. The portfolio also includes four retail and office properties in Baker Street, Chiswick High Road, Putney High Street and Fulham Road which were purchased for £34.95 million.

Ealing Broadway Shopping Centre has 300,000 sq ft of retail and leisure space (including a Virgin Active Gym), 800 car parking spaces and a multi-let office. The 7.5 acre freehold shopping centre, which has recently been refurbished and has over 60 retail units, is anchored by Primark, Marks & Spencer, Tesco, River Island and H&M with other occupiers including Boots, Jack & Jones and Wagamama.

The transaction was led by real estate partners Ed Page and Michael Scott  and Corporate partner Michael Goldberg assisted by senior Real Estate associate Richard Lloyd.

Wereldhave was represented by a team from DLA Piper's Liverpool office led by partner Mark Beardwood and Legal Director Richard Thompson.

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