British Land (BL) is thought to be about to take control of Asda Property Holdings with its acquisition of the stake owned by Manny Davidson, who set up the company in the early 1970s.
The quoted property company is expected to pay around £200m for Davidson’s 50% stake. BL already owns the other 50%.
The deal has not yet completed and BL was unavailable for comment. Asda could not be contacted.
BL and Davidson set up joint venture BL Davidson in September 2001 to take Asda Property private in a £230m deal.
The company had obtained a full listing on the London Stock Exchange in April 1985.
Asda Property is based in London and holds a portfolio of about 80 properties, largely focused on retail warehousing and the central London markets.
Developments include the 238,000 sq ft Forster Square retail park in Bradford, the 227,000 sq ft Wheatley Centre in Doncaster and the 176,500 sq ft Kingswood retail park in Kingston-upon-Hull.
The portfolio is valued at nearly £500m, with an annualised net rent of £29m.
BL’s investment in the venture at 31 March 2004 was £103m.
The majority of the financing for the venture has been provided by a consortium of banks.
References: EGi News 05/04/05
