British Land Company PLC ( )
is one of the largest property
development and investment companies in the United Kingdom.
It converted to a Real Estate Investment Trust
when REITs were introduced in the United Kingdom in January 2007.
headquartered in London.
is listed on the London Stock
and is a constituent of the FTSE 100 Index
British Land was founded in 1856 as an offshoot of the National
Freehold Land Society formed in 1849 with the two chief architects
of the freehold land movement Richard
and John Bright
. Both were
ardent supporters of a movement to extend enfranchisement. To
qualify for a parliamentary vote it was then necessary to be a
landowner and the main object of the National Freehold was to
facilitate the acquisition of small plots of land by the people. To
do this the British Land Co. would purchase land and then resell it
again on the best terms to any customer who wanted to buy it. With
extension of the franchise this reason ceased to govern the
operation of the British Land Co and it began to operate as a
normal business in the latter part of the Nineteenth Century.
In May 2005 British Land announced that it had agreed to purchase
Pillar Property Plc for £811 million pounds in cash to boost its
position in the out-of-town retail property sector.
Between 1970 and 2006 it was chaired by Sir
, one of the best known figures in the British
property sector, whose knighthood was announced in the queen's new
year's honours list for 2006.
As of 31 March 2009 the property portfolio was valued at £8.6
billion. More than half of the portfolio is invested in retail.
includes the Meadowhall shopping centre in Sheffield, which is one of the largest in the UK, and a large
amount of property which has been purchased from and leased back to
major retailers such as Tesco, Sainsbury's, House of Fraser and
The other major group of assets is
office property, most of which is in central London. This includes the
Estate near Liverpool Street station and Regent's Place near Euston Station.
British Land has been involved in
Broadgate, which is one of the largest development projects in
London in recent decades and is still incomplete, since 1984, and
after making a string of acquisitions on the estate over the years
it acquired the last piece in 2003. In 2004 it received planning permission
for a Richard Rogers designed
skyscraper at 122 Leadenhall Street in the City of London which will become one of the tallest buildings in
Construction of the tower began in October
2007 and completion was expected in 2011, but may be delayed
because of the current economic downturn. The company have current
proposals to extend Regent's Place as far as Osnaburgh Street with
two new mixed use buildings designed by Terry Farrell
and Wilkinson Eyre
. In 2008 it was announced that
the company will be the developer for the re-building of Euston
Station. British Land have also proposed the
construction of 103 Colmore
Row in Birmingham.
In 2009 Chris Grigg was paid an annual bonus of £178,787. In the
same year co-head of asset management, Andrew Jones, took home an
annual bonus of £350,000 and Head of Offices Tim Roberts received
an annual bonus of £310,000 pounds.