At an evolution in British democracy
British Land was founded in 1856 by three liberal MPs as a mechanism for expanding the field of voters eligible to elect Members of Parliament – at this time restricted to “landed gentlemen”. Little is known about its early investment activities or leadership as the company records were largely destroyed during the Blitz.
The entrepreneurial and opportunistic heritage
In 1971, the property entrepreneur John Ritblat took over British Land and led its profitable exploitation of many property opportunities available in the post-war evolution of the British business economy. A serial purchaser of properties and property-rich operating businesses, the company grew its portfolio from £37 million in 1971 to £1.6 billion in 1990.
The creation of the UK’s premier prime commercial property portfolio
Side-stepping the City development debacle of the early nineties, British Land expanded its portfolio into prime properties, with bold acquisitions such as the premier City of London estate at Broadgate and the Meadowhall shopping centre in Sheffield under John Ritblat, and expanded its out-of-town retail weighting with the acquisition of Pillar plc under Stephen Hester. Sir John Ritblat retired in 2006 and became Honorary President in recognition of his legacy.
REITs, world financial crisis and the new era
British Land converted to REIT status on 1 January 2007, coincident with the peak of the commercial property market. Substantial property sales either side of that peak put British Land in the best position of the major REITs as the financial crisis worsened in 2008 with the collapse of Lehman Brothers and the subsequent banking rescue by governments worldwide.
The strong financial and competitive position of British Land today, led by Chris Grigg, reflects the company’s decisiveness in preparing itself for the opportunities of the new decade. A successful rights issue in early 2009, supported by the company’s now widely international investor base, and the creation of strategic joint ventures in Broadgate and Meadowhall in the same year left the company with a well-balanced portfolio, substantial financial resources and the people and skills to exploit the next phase of the British commercial property market.
