British Land targeted by Asian group

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A consortium of some of the world’s richest families is plotting a bid for British Land, the FTSE 100 property company that is one of the UK’s biggest landlords.

The group, which is thought to include Lakshmi Mittal – the Indian steel magnate who ranks as Britain’s richest man – and the Abu Dhabi ruling family, has approached bankers from Credit Suisse to prepare a possible bid that could be worth as much as £10bn including debt.

Insiders said that investors from Abu Dhabi and a group of Indian families had initially been interested in buying Broadgate Circle, British Land’s flagship development in the City. But in recent days the consortium has spoken with bankers about the possibility of bidding for the whole company.