British Land plans to wait for market conditions to improve before investing significantly in commercial property.
British Land sees a lot of "interesting opportunities" in the UK's commercial
property investment market at the moment, but is waiting for market conditions to improve, it has been revealed.
In an interview with Dow Jones Newswires, chief executive Chris Grigg said that too many assets are at the "wrong price", as there are still more buyers than sellers.
"Everyone has been surprised how fast the market moved in the last quarter ... to buy more property last year would have been a clever move but I am more focused on the future and I think there will be good opportunities going forward," he told the news provider.
He went on to say that while UK banks have been selling property, there has not been a great deal of distressed assets on the market, although their offerings have been "of a higher calibre" than the property in their portfolios.
People interested in
commercial property finance may be interested to not that earlier this month, Kingsway Retail Park in East Kilbride was sold by British Land to Standard Life Investments for £18.2 million.
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