Amid dip in profit
The UK’s second-largest property company, British Land, told media today that it plans to expand its “build to rent” offering as it reported a dip in underlying profit — fell 2.6 per cent to £380m for the year due to sale of assets over the last two years.
The company’s London office business portfolio value was up 4.5 per cent.
Chris Grigg, chief executive, said: “Looking forward, we are mindful of the uncertainties. In retail, market conditions are likely to remain challenging. In offices, demand for our space is healthy, with a range of businesses continuing to commit to London and the supply of high quality new space relatively constrained in the short term.”
Build-to-rent is a model wherein properties are managed by institutional investors rather than individual landlords.