Far East fund secures some British Land


The government of Singapore Investment Company (GIC) has bought a three per cent stake in British Land, it has been reported.

GIG was rumoured to have wanted a stake earlier, instead it bought a 40 per cent share in the north-east’s Metrocentre.

British Land was recently forced to withdraw from the sale of its stake in Meadowhall shopping centre – the company’s share price is currently valued at half of its value in December 2006.

Property shares have suffered recently after market falls threatened UK business property investments.

According to research from Royal and Sun Alliance, the UK commercial property market has continued to attract investors from abroad.

Independent property portal, Homemove, has reported details of the study, which found foreign investors own 22 per cent of all commercial real estate and one in ten commercial buildings were owned by investment funds.