British Land’s shift raises some eyebrows
Chris Grigg, the former Goldman Sachs Group executive who was hired to run British Land Co. in early 2009, has gotten plenty of kudos for shoring up the balance sheet of the U.K.’s second-largest real-estate investment trust.
But his plans to change British Land’s investment strategy have gotten mixed reviews. In recent months, Mr. Grigg has said the company plans to expand from its primary focus on offices in central London and U.K. retail property to include such other assets as retail in other parts of Europe.
Green Street Advisors analyst John Lutzius is concerned that British Land will invest capital in areas in which it has less experience and less presence. “A better path to future outperformance would be more focus, not less,” Mr. Lutzius wrote in a December report …