Sep 10, 2020

Chris Grigg’s exit from British Land is a sign of the cycle change

If one chief executive can epitomise the turn of the business cycle, it is British Land's Chris Grigg. In 2008, the industry expected a property veteran to take charge following City man Stephen Hester's stint as CEO. British Land turned instead to the ex-Goldman and Barclays financier. Selling a 50 per cent stake in the Broadgate development to Blackstone at the bottom of the cycle to get the debt down and fund other investments, subsequently proved controversial. At the time, British Land was overexposed to two flagship assets: London's Broadgate office complex and Sheffield's Meadowhall shopping centre. Mr Grigg's second, more serious mistake, was his failure to realise the scale and pace of change coming to bricks and mortar retail.

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