British Land set for £2 billion investment

Commercial property firm British Land are set to plough around £2 billion into the sector by purchasing devalued real estate.

The firm will take advantage of the price dip in the industry by investing heavily in areas such as shopping centres, where its value has fallen by 4.5 per cent, the Times reports.

Stephen Hester, the chief executive of British Land, claimed that the company is ready to pounce and reinvigorate the sector.

Mr Hester told the publication: "We have prepared ourselves financially and managerially to be able to take advantage of opportunities if there are cheap things that shake out from the property market correction."

Despite the general dip in the market, commercial property in London is still thriving as the value of office space continued to climb.

Demand for offices in the City and West End offices of British Land pushed the value of its capital properties up by 0.6 per cent.

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