British Land joins PREF to buy shopping centre in Murcia

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London, Property firm British Land Co said it had formed a joint venture with closed-end fund PREF to buy a regional shopping centre in Murcia, Spain for 350 million euros (237.7 million pounds).

British Land said in a statement the 120,000 square-metre Nueva Condomina shopping centre had 2.5 million people living within a 60-minute journey and was 96 percent let.

PREF (Pillar Retail Europark Fund) is a fund created in 2004 investing in out-of-town retail parks in the euro zone, British Land said.

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