British Land to Finance Hereford Market Development

It appears that British Land is the favourite to fund Stanhope's development of the livestock market which adjoins the Hereford United football ground.

Property Week reported last week that British Land are in advanced talks for an £80m forward-funding of Stanhope’s first shopping centre scheme, the Old Livestock Market in Hereford, where development is due to begin in 2012.

The street-plan shopping centre is around 50% prelet by area, including an 85,000 sq ft three-storey department store, a 23,000 sq ft Waitrose food store and a six-screen Odeon cinema.

On completion in autumn 2013, British Land would own the scheme. Its predicted value is £90m. One other party is in talks with Stanhope, but British Land is believed to be the preferred funder and is likely to enter exclusive talks in the next week.

The implication, assuming the story is correct, is that Stanhope will make £10m out of their involvment in the Hereford project.

Note: The British Land Company PLC (British Land) manages, owns, finances and develops commercial property. Its focus is on the retail and office Sectors. Its retail portfolio consists of 15 million square feet of space (Group share), including 93 retail warehouse properties, 102 superstores and 10 shopping centers. Its Office portfolio is focused on assets in the City of London and West End.

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