Britain’s largest REITs have beefed up plans to build high-end housing to capitalise on soaring residential prices in London.
They plan to devote more than 25% of their activity to residential schemes over the next five years. Research from Green Street Advisors shows they have drawn up a £3bn pipeline of housing schemes – more than double the £1.2bn two years ago when such projects accounted for 15% of their development plans. Land Securities will launch a residential division next month. British Land is also focusing heavily on a residential pipeline.