Commercial property giant British Land has announced its new boss, the former head of Barclay’s commercial banking division, Chris Griggs.
He joins the country’s second largest property company at a difficult time – commercial property prices have continued to fall throughout 2008 and some owners now face the extra cost of the government’s empty properties tax.
Mr Grigg is confident he is the right man for the job and said he was “delighted” to be joining British Land.
“It is one of the world’s premier Real Estate Investment Trusts with a market leadership in the office and retail sectors and strong customer focus,” he commented.
British Land has a retail portfolio of more than 30 million sq feet and more than five million sq feet of offices in London.
As with other commercial property funds it has taken a hit this year, although its underlying earnings per share were up eight per cent in the second quarter.