 British Land concentrates a lot of its assets in the retail world |
Property investment group British Land is to sell its residential portfolio in a multi-million pound deal. The UK's largest property company by assets agreed to sell the properties to Insight Investment for �300m ($523.3m).
A subsidiary of British Land will provide on-going asset management services for the portfolio, it added.
British Land chief Stephen Hester said the sale was part of the group's ongoing review of its portfolio to identify non-core assets for disposal.
"We look forward to a fruitful partnership and helping them (Insight Investment) to build a leadership position in this sector," Mr Hester added.
Insight Investment was set up in 2002 by HBOS. It now lays claim to being one of the UK's biggest investment management firms, looking after �84bn in assets as of September last year.
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