British Land announcement of significant funds opens up opportunity for work
锘緿eveloper British Land has revealed a 拢3bn additional pot of funds for investment on top of a committed 拢1.5bn development pipeline.
The blue-chip client announced in November that it was kick-starting development in the London office market by spending 拢1.5bn on projects between 2012 and 2014.
Nigel Webb, the group鈥檚 head of development, stressed that the additional funds will be used where and when appropriate rather than being formally committed.
He said: 鈥淲e have access to significant funds.
鈥淪omething in the order of another 拢3bn, that we could spend if we wanted to for further developments over the next few years, and we鈥檙e keen to look at new opportunities.鈥�
He added that the additional funds would open up opportunities for new suppliers wanting to work with British Land.
The client has had a quiet two years riding out the recession but is now moving forward with developments, including the 拢290m Richard Rogers-designed 鈥淐heesegrater鈥� tower and the 拢40m Marble Arch House in the West End.
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