British Land said that its investments, now totaling over £750 million, would be expected to boost the company's earnings earlier than planned. The investments made were from funds that the company raised previously in March through the sale of an office block in London's financial district and a share placement.
The acquisition of the majority of London Paddington for £470 million ($708 million) is British Land's most recent investment and also the most significant. According to Chief Executive Chris Grigg, "This is the most significant acquisition we have made since the equity placing in March and we are confident that investment of those proceeds will now be accretive to 2014 earnings, ahead of our original objective."
The 1.2 million square foot recently-purchased property in Padding Central consisted of three existing buildings that housed companies such as Nokia and AstraZeneca. British Land also acquired an area meant for development of offices and other mixed uses.
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