British Land slashes its exposure to retail

By Hamish Champ2019-11-13T11:23:00

Firm’s campus operation such as Broadgate and Paddington developments will be more than half its business

With bricks and mortar retail under the cosh, developer British Land said it plans to cut its exposure to the sector to around a third of its portfolio and press on with plans to become a mixed-use specialist.

The group, which earlier this year announced it planned to build 3,000 homes at its Canada Water development in south London, said it would reduce its retail assets from 41% of its portfolio to between 30% and 35% in the medium term, after posting a thumping £404m pre-tax loss for the six months the end of September.

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