UK property development giant British Land has announced the purchase of seven retail parks in a deal worth £441 million.

The company is buying the sites from investment management multinational Brookfield.

British Land is a UK commercial property company focused on London campuses, retail parks, and London urban logistics.

It currently owns or manages a portfolio valued at around £13.0 billion.

Simon Carter, chief executive of British Land, said that parks remain the "preferred format for retailers", adding that the company has invested £711 million of capital into the subsector since April.

“These assets offer an attractive yield and strong rental growth prospects in line with our guidance of three to five per cent," said Carter, commenting on the firm's latest purchase. "Combined with the proposed placing, they will be immediately earnings accretive and are expected to deliver double digit ungeared IRRs.”

The sites bought by British Land are: Elliott’s Field Shopping Park in Rugby; Central Retail Park, Falkirk; Wellington Retail Park, Waterlooville; Ravenhead Retail Park, St Helens; Cleveland Retail Park, Middlesbrough; Telford Forge Shopping Park, Telford; and Chilwell Retail Park, Nottingham

---