Development comany British Land announces £1bn investment for London.
British Land has announced a £1bn investment boost for property acquisitions and developments in London. It is reported that the company, which is the UK’s second largest property firm, has raised the funds from shareholders and from its sale of Ropemaker Place in the city.
The move follows previous suggestions that the company wants to move away from City investments and focus more on the west end, where almost half of its London office estate is currently located. It is hoping that the new high-speed Crossrail service will help to reinvigorate other areas of the city and make this area in particular a viable investment proposition.
Just last month, British Land spent £142m on the Ealing Broadway shopping centre, an area which has been tipped as one which could benefit the most when the Crossrail service is completed in 2018. The company currently owns 13 shopping centres around the country, including Meadowhall shopping complex in Sheffield and is building the Cheesegrater skyscraper in the City of London. It also owns Debenhams on Oxford Street.