British Land (BL) is UK's second largest Real Estate Investment Trust (REIT) with a portfolio asset value of ca. £10bn. BL focuses on high quality out-of-town retail properties and central London office locations. The occupancy rate is close to 98% (industry average is 92%), the rent weighted average leasing period is 9.7 years for the top ten properties and only 8.8% of all rental agreements will expire within the next three years. This means that BL has strong and stable future rental income. During 2009 BL sold 50% of its property “Broadgate” to Blackstone for £1bn, thus the debt level was heavily reduced to £1939m, or 27% of total assets. On the one hand, “Broadgate” is still by far BL’s most important property, so there is still large exposure to this single asset, but on the other hand the company is quite well diversified when it comes to its tenants, where the ten largest account for 34% of total rent. Even though BL has enough financial power to expand its business, the struggling UK economy and real estate market forces the company to postpone some of its expansion.