British Land has acquired Segro's 50% interest in a joint venture with Tesco in the Surrey Quays Shopping Centre in Rotherhithe, South East London and the Clifton Moor Retail Park in York. This is the fifth joint venture British Land has with Tesco.

Both retail centres are anchored by Tesco superstores. The property value and annual passing rents attributable to the 50% interest are £87 mln (EUR 97.9 mln) and £5.65 mln respectively, of which rents from the Tesco stores represent 52%. Chris Grigg, Chief Executive, British Land, said: 'We are delighted to enter into a further joint venture with Tesco. These retail locations offer attractive opportunities for our asset management expertise to add value over the short and medium term.'