Bucks Film

It appears that British Land has made an amazing recovery to propel itself to the forefront of the real estate market in UK with its portfolio showing good growth. The groups announced an 8.2% growth in its portfolio, the numbers incidentally matching the company’s 8.2 billion current value on books.

With these figures, British Land has established itself as a leader in the sector once more after losses over the past few years forced the company to keep a low profile. The improved business in the third quarter of 2009 boosted the company’s fortunes significantly. The sudden improvements also underlined the fact that demand is beginning to improve once again post recession and also that new projects are coming up in prime office space areas to match the demand.

According to CEO Chris Grigg, British Land is all set to prove its might in the markets and is confident of its market leader status in this sector. The group has taken up a new project in Broadgate in London to renovate a business space spanning 420,000 sq ft and create a new shared office development in this locality.

The project is expected to cost around £44m and will be completed in three years time. Although the group had opted out of a stake in the same area last year, Griggs has assured that British land is interested in establishing its presence here now. With this new project the company hopes to position itself as a serious player in this market too.

Of the entire portfolio of British Land, about £1.355b is composed of offices in the City which bring in net rents of around £85m, with occupancy rates staying steady at around 81.2%. The major London investments for the company include Grade A office spaces at 201 Bishopsgate and Broadgate Tower.

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This entry was posted on Wednesday, February 24th, 2010 at 9:07 am and is filed under Uncategorized. You can subscribe via RSS 2.0 feed to this post's comments. Both comments and pings are currently closed.