British Land
Encyclopedia
The British Land Company plc is one of the largest property development
and investment companies in the United Kingdom. The firm switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007. It is headquartered in London. It is listed on the London Stock Exchange
and is a constituent of the FTSE 100 Index
.
) formed in 1849 with the two chief architects of the freehold land movement Richard Cobden
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 in cash to boost its position in the out-of-town retail property sector.
Between 1970 and 2006 it was chaired by Sir John Ritblat
, 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.
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 Asda
. The other major group of assets is office property, most of which is in central London. This includes the Broadgate 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 Western Europe. 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
and the Leadenhall Building (The Cheese Grater) in the City of London.
In October 2011, the company placed in the number one position, with 135 subsidiaries, on a list of FTSE 100 companies that use tax havens for their operations, as revealed in a database of their subsidiaries compiled for the first time by the development charity ActionAid.
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
and investment companies in the United Kingdom. The firm switched to Real Estate Investment Trust status when REITs were introduced in the United Kingdom in January 2007. It is headquartered in London. It is listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
British Land was founded in 1856 as an offshoot of the National Freehold Land Society (later Abbey NationalAbbey National
Abbey National plc was a UK-based bank and former building society, which latterly traded under the Abbey brand name. It became a wholly owned subsidiary of Grupo Santander of Spain in 2004, and was rebranded as Santander in January 2010, forming Santander UK along with the savings business of the...
) formed in 1849 with the two chief architects of the freehold land movement Richard Cobden
Richard Cobden
Richard Cobden was a British manufacturer and Radical and Liberal statesman, associated with John Bright in the formation of the Anti-Corn Law League as well as with the Cobden-Chevalier Treaty...
and John Bright
John Bright
John Bright , Quaker, was a British Radical and Liberal statesman, associated with Richard Cobden in the formation of the Anti-Corn Law League. He was one of the greatest orators of his generation, and a strong critic of British foreign policy...
. 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 in cash to boost its position in the out-of-town retail property sector.
Between 1970 and 2006 it was chaired by Sir John Ritblat
John Ritblat
Sir John Ritblat, educated at Dulwich College, is the Honorary President and formerly Chairman and CEO of The British Land Company PLC an FTSE100 London-based property company...
, 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.
Operations
As of 31 December 2010 the property portfolio was valued at £4.1 billion. More than half of the portfolio is invested in retail. This includes the MeadowhallMeadowhall
Meadowhall is an indoor shopping centre in Sheffield, South Yorkshire, England. It lies three miles north east of Sheffield city centre and four miles from Rotherham town centre....
shopping centre in Sheffield
Sheffield
Sheffield is a city and metropolitan borough of South Yorkshire, England. Its name derives from the River Sheaf, which runs through the city. Historically a part of the West Riding of Yorkshire, and with some of its southern suburbs annexed from Derbyshire, the city has grown from its largely...
, 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
Tesco
Tesco plc is a global grocery and general merchandise retailer headquartered in Cheshunt, United Kingdom. It is the third-largest retailer in the world measured by revenues and the second-largest measured by profits...
, Sainsbury's, House of Fraser
House of Fraser
House of Fraser is a British department store group with over 60 stores across the United Kingdom and Ireland. It was established in Glasgow, Scotland in 1849 as Arthur and Fraser. By 1891 it was known as Fraser & Sons. The company grew steadily during the early 20th century, but after the Second...
and Asda
Asda
Asda Stores Ltd is a British supermarket chain which retails food, clothing, general merchandise, toys and financial services. It also has a mobile telephone network, , Asda Mobile...
. The other major group of assets is office property, most of which is in central London. This includes the Broadgate Estate
Broadgate
Broadgate is a large, office and retail estate in the City of London, owned by British Land and the Blackstone Group and managed by Broadgate Estates...
near Liverpool Street station
Liverpool Street station
Liverpool Street railway station, also known as London Liverpool Street or simply Liverpool Street, is both a central London railway terminus and a connected London Underground station in the north-eastern corner of the City of London, England...
and Regent's Place
Regent's Place
Regent's Place is a mixed use business and retail and residential quarter on the north side of Euston Road in the London Borough of Camden...
near Euston Station
Euston station
Euston station may refer to one of the following stations in London, United Kingdom:*Euston railway station, a major terminus for trains to the West Midlands, the North West, North Wales and part of Scotland...
. 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
Richard Rogers
Richard George Rogers, Baron Rogers of Riverside CH Kt FRIBA FCSD is a British architect noted for his modernist and functionalist designs....
designed skyscraper at 122 Leadenhall Street
122 Leadenhall Street
122 Leadenhall Street is an address on Leadenhall Street in the City of London where a 225 metre tall skyscraper designed by Richard Rogers and frequently referred to as "the Cheese Grater" is currently under construction. The site is adjacent to the Lloyd's building, also designed by Rogers...
in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
which will become one of the tallest buildings in Western Europe. 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
Terry Farrell (architect)
Sir Terry Farrell, CBE, RIBA, FRSA, FCSD, MRTPI is a British architect.-Life and career:Farrell was born in Sale, Cheshire. As a youth he moved to Newcastle upon Tyne, where he attended St Cuthbert's High School. He graduated with a degree from Newcastle University, followed by a Masters in urban...
and Wilkinson Eyre
Wilkinson Eyre
Wilkinson Eyre Architects is an international architecture firm based in London, England. The firm won the Royal Institute of British Architects Stirling Prize two years in a row...
. 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
Birmingham
Birmingham is a city and metropolitan borough in the West Midlands of England. It is the most populous British city outside the capital London, with a population of 1,036,900 , and lies at the heart of the West Midlands conurbation, the second most populous urban area in the United Kingdom with a...
and the Leadenhall Building (The Cheese Grater) in the City of London.
In October 2011, the company placed in the number one position, with 135 subsidiaries, on a list of FTSE 100 companies that use tax havens for their operations, as revealed in a database of their subsidiaries compiled for the first time by the development charity ActionAid.