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BRIT LAND RALLY

ABOVE: British Land chief executive Chris Grigg

18th November 2009

By Brendan Abbott

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BRITISH Land is to spend £3 billion on new property as it emerges from the “worst storm in real estate history”.

The commercial property developer and landlord reported a 1.4% rise in the value of its property portfolio in the second quarter to £8.29 bn, the first quarterly hike in more than two years.

Chief executive Chris Grigg said its retail portfolio and a shift in investor appetite, especially from abroad, had buoyed the group.

However a weaker first quarter left its portfolio value down 2.4% in the six months to the end of September.

First-half losses narrowed to £113 million from a £1.3 bn deficit last time.

The group, armed with a £3 billion “war chest”, helped by a £740 m fund-raising in February, hopes to spend £1 bn in the next year to two years on new property.

“We now have the capacity to be bold,” said Grigg.