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British Land is one of the largest property development and investment companies in the United Kingdom. The company became a real estate investment trust (REIT) when they were introduced in the UK in January 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The proceeds of the placing will be used to fund the acquisition of seven retail parks for a total of £441 million, with the remainder financed from existing cash and borrowing facilities.
The Herbert Smith Freehills team was led by partner and global co-head for Corporate Mike Flockhart, alongside partners Dinesh Banani and Charles Steward and partner and head of the global M&A practice Gavin Davies.
Mike Flockhart commented, "We are proud to have advised British Land on this successful placing to fund the acquisition of a portfolio of retail parks, in line with its strategy and with strong rental growth prospects. The deal follows several real estate equity capital market transactions that we have advised on over the last few months, demonstrating our strong experience in the sector."
Other Real Estate ECM and listed deals that the firm has recently acted on include advising:
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