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Fighting back

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Some readers will recall the recent British Property Federation conference at which the old guard property companies were berated for giving poor shareholder value and being unfriendly to tenants. It seems they had already reached the same conclusions: the Sunday Times has now revealed that Land Securities, the biggest property company in the sector and the only one in the FT 100, is planning a sell-off of up to £1 billion of its £7 billion portfolio. It has a vibrant development programme, including a major scheme designed by epr which will transform the station end of Victoria Street, and is organising a fundamental rethink of how Oxford Street is managed. Landsec's chief Ian Henderson notes that while Bluewater is impressive, it scarcely has the range of cultural facilities of the West End and Bloomsbury. Let's hope Westminster Council backs the plan (no architect yet appointed). So far the council has failed to do anything.

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