British Land is switching focus from the City to the West End in search of growth.
One of the UK's largest
commercial development firms is now looking to the West End for signs of future growth.
British Land has traditionally focused on prime
property investment opportunities in the City of London, and 63 per cent of its assets are situated there, according to Business Week.
But now, the publication claims, the firm is looking to the West End of the capital for investments, with the company's chief executive officer Chris Grigg saying he would be happy to turn more than half of the group's portfolio into West End real estate.
"If you look at the rental performance of the West End over the City, you see better long-term growth," he told the publication.
British Land has already announced that it intends to spend some £330 million on developing the newly-acquired Baker Street property in the area.
According to the company's latest financial report, the British Land portfolio is currently valued at £4.4 billion.
Posted by Lisa Fear.
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