British Land Europe fund buys two retail parks

The British Land managed vehicle has expanded its assets with purchases in Portugal and Italy.

PREF, the pan European out-of-town shopping park vehicle, has purchased two retails parks in Portugal and Italy for €135 million ($200 million).

The fund, which is managed by UK quoted property company British Land, said it had bought Santarém Retail Park in Portugal for around €35 million from owner and developer Teilnahme, and Terminal Nord Retail Park in northern Italy for around €100 million from developers Opit.

PREF contracted to purchase the Santarém Retail Park in April 2006, prior to construction, and represents PREF’s fifth Portuguese asset. The Park opened in May 2008 with over 90 percent of the space let.

PREF is a seven year closed-end fund that was created in 2004 and taken over by British Land when it acquired retail park investor Pillar Property.