Wednesday, 17 December 2008

And another thing...

While I'm on the subject, British Land bought Meadowhall in 1999 for £1.17bn. It spent £100m on refurbishment (and more on clearing up after last year’s floods, when the asset was literally under water). So even if the sale values Muckyhall at the notional September price of £1.4bn, BL would have made an approximate capital return of just 1% a year on its investment; about the same as a generous current account.

No comments: