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British Land looks to West End

British Land chief executive Chris Grigg has signalled a shift from the City to the West End after the developer lost £4.8 million in property values.

In an interview with Bloomberg he announced the firm would diversify its property portfolio to make it less vulnerable to financial shocks.

He said: “We would be perfectly comfortable with 50 per cent or more of our offices in the West End. If you look at the rental performance of the West End over the City, you see better long term growth.”

Around 63 per cent of British Land’s office buildings are currently in the City of London.