British Land snaps up Square Mile car park for £20m in last-mile delivery push
British Land has reported £350m of capital activity including the acquisition of Finsbury Square Car Park.
The property company said its acquisition of Finsbury Square Car Park for £20m was an opportunity to create a last mile logistics hub in the City.
The commercial landlord exchanged on the acquisition of the Priestley Centre in Guildford for £12m, as well as acquiring the Peterhouse Technology Park in Cambridge, where chip designer Arm is based, for £75m.
British Land said its strategy was to more actively focus capital on two strategic themes, campuses and retail and fulfilment.
Lockdown online shoppers have created more need for fulfillment centres and faster transport of goods in cities.
“Leasing activity at our London campuses has been strong, with a significant amount of space going under offer to a broad range of occupiers in the last two months,” British Land CEO Simon Carter said.
Carter added: “At the same time, we are continuing to deliver against our strategic priorities. We have sold off-strategy mature assets and will actively redeploy capital into opportunities that allow us to maximise our competitive advantage in asset management and development.”