Simon Carter has been through the mill. Over the past two years, the boss of British Land has watched soaring interest rates wipe the best part of £2 billion off the value of its commercial property portfolio of offices, retail parks and shopping centres.
Now, however, Carter is emerging gingerly into the sunlight with a renewed sense of hope.
“The horizon looks clearer than the rear-view mirror. There are still geopolitical risks out there, but inflation has reduced and the next move in the base rate is likely to be down rather than up,” the 48-year-old said. “Debt markets are open and equity is available for the right deals.”
Carter’s measured optimism is shared by the leaders of a £1.3 trillion industry that has staggered