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LONDON-British Land has bought out ProLogis’s stake in the 1.2 million sf Blythe Valley business park development beside the M42 motorway at Solihull, south of Birmingham. In a complex deal both British Land and ProLogis paid themselves a £14.4 million ($25 million) dividend out of the Blythe Valley partnership. British Land then repaid a company loan from ProLogis to the partnership and assumed ProLogis’s share of the partnership’s third-party debt, totalling £30.3 million ($53 million.)

Since it was established in 1999, the site has already seen 390,000 sf of office development, Tenants include Centrica, Logica, Ove Arup, Vodafone, Virgin Active, St James Place Capital and Regus. The park, which is being developed in partnership with Solihull Metropolitan Borough Council, has consent for up to 1.2 million sf of development.Robert Watson, President and Chief Operating Officer – Europe at ProLogis said: “‘This transaction is in line with ProLogis’ goal of concentrating its activities on its core business of providing logistics facilities to major global customers.” Mark Glatman’s Abstract Securities negotiated on behalf of ProLogis.

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