British Land buys London estate near Crossrail for 103 million pounds

(Reuters) - Property developer British Land Co Plc said on Friday it acquired the Woolwich Estate in south east London for 103 million pounds, as its expands its presence near the new Crossrail railway line.

The Woolwich Estate is expected to benefit from the launch of the Elizabeth Line, previously known as Crossrail, in December 2018.

The company, which already operates sites along the new train route such as Broadgate, Paddington Central and Ealing Broadway, said the estate in central Woolwich covers 360,000 square feet of retail, residential and office space.

British Land said the estate, covering 4.9 acres in south east London, represents a net initial yield of 4.1 percent.

(Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri)