Strategic partnerships

The use of partnerships is an integral part of our business and a key way in which we extend our capital base.

We partner with some of the best known property investors, including GIC, Norges Bank, USS and Aviva.

The strategic alliances we develop with our partners enable us to leverage our equity, achieve benefits of scale and spread risk. They enable us to access attractive investment opportunities alongside like-minded partners with complementary skills.

Around half our assets by value are in joint ventures or funds.

  • Our two largest single assets, Broadgate, our office campus in the City, and Meadowhall Shopping Centre are owned in 50:50 joint ventures.
  • We own a {NUM|HUTOWN%} stake in Hercules Unit Trust fund (“HUT”), which owns one of the largest retail park portfolios in the UK.

Our partnerships are based on developing deep and long-term relationships. In the majority of cases, we provide asset management, development, corporate and financial services and we earn performance and management fees. This enhances our overall returns, strengthens our relationships with key customers and suppliers and keeps us close to our markets.

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Joint ventures

Our main partners

Partner Property
GIC Broadgate
Norges Bank Meadowhall Shopping Centre
Sainsbury’s {NUM|NOSUPER} superstores
USS Whiteley Shopping
Eden Walk Shopping Centre
Aviva SouthGate Shopping Centre, Bath

Each joint venture is a separate entity, controlled by a board carrying equal representation from each partner. The entities are able to raise finance on the strength of their assets, with no recourse to the partners, thereby significantly lowering the initial equity investments. The enterprise is shared by the partners, over an agreed lifetime for the venture.


Hercules Unit Trust

Hercules Unit Trust (HUT) is a Jersey-based closed-ended property unit trust with a fixed life which has been extended to 2020, and is subject to further extension with unit holder consent. HUT’s primary investment focus is major retail properties in the United Kingdom and, in particular, those properties that offer a critical mass of retailing and, where possible, have the benefit of Open A1 planning consent. As at {NUM|LASTFY}, we own {NUM|HUTOWN%} of the fund.

HUT is the UK’s largest specialist retail warehouse property unit trust. As at 31 March 2016, the Trust owned and managed {NUM|NOHUTASSETS} regional and local centres, including Glasgow Fort in Glasgow and {NUM|HUTEFKOWN} of Fort Kinnaird in Edinburgh, providing in total around {NUM|HUTSQFT} million sq ft of space. Key tenants of the centres include Primark, Next, Boots, M&S, Arcadia, H&M, New Look, JD Sports and TK Maxx.

British Land is Property Adviser to HUT and Crestbridge Hercules Management IC is the Manager.

Crestbridge Hercules Management IC

Crestbridge Hercules Management IC is a cell company subsidiary of Crestbridge Management ICC, part of the Crestbridge group of companies. Crestbridge is an independent provider of administration, management and corporate governance services. Crestbridge Hercules Management IC is regulated by the Jersey Financial Services Commission.


The joint ventures and funds are financed separately without recourse to British Land. The debt has been arranged through securitisation or bank debt according to the requirement of the business of each venture.

Securitisations have been used to raise long-term financing for Broadgate, Meadowhall and our Sainsbury superstore portfolio.