Share Watch: British Land

British Land, the UK’s second largest real-estate investment trust, has bolstered its board with two senior property fund managers. With the new blood will come a new strategy, and a willingness to look outside its core areas of retail and London offices. Chris Grigg, chief executive, was right in thinking that the company needed more property expertise – British Land is now well-funded, with more than £1bn to spend on property after a rights issue and two key sales. However, its shares are also relatively expensive, trading at a premium to net asset value of about 14 per cent – meaning that, for now, there is limited potential for price growth. Longer term, the board appointments bode well.