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42-755: The British Land Company Public Limited Company is one of the largest property development and investment companies in the United Kingdom . The firm became a real estate investment trust when REITs were introduced in the UK in January 2007. It is headquartered in London , England and is a founding member of the European Public Real Estate Association . It is listed on the London Stock Exchange and

84-431: A company's prospects. In economics, as in finance, risk is often defined as quantifiable uncertainty about gains and losses. Environmental risk arises from environmental hazards or environmental issues . In the environmental context, risk is defined as "The chance of harmful effects to human health or to ecological systems". Environmental risk assessment aims to assess the effects of stressors, often chemicals, on

126-405: A highly quantified way. The technique is usually referred to as probabilistic risk assessment (PRA). See WASH-1400 for an example of this approach. The incidence rate can also be reduced due to the provision of better occupational health and safety programmes. Security is freedom from, or resilience against, potential harm caused by others. A security risk is "any event that could result in

168-517: A landowner and the main object of the National Freehold was to facilitate the acquisition of small plots of land by the people. To do this the British Land Co. would purchase land and then resell it on the best terms to any customer who wanted to buy it. With the extension of the franchise, this reason ceased to govern the operation of the company, and it began to operate as a normal business in

210-400: A large organization or simply crossing the road. Intuitive risk management is addressed under the psychology of risk below. Risk management refers to a systematic approach to managing risks, and sometimes to the profession that does this. A general definition is that risk management consists of "coordinated activities to direct and control an organization with regard to risk". ISO 31000 ,

252-431: A pool of risks including market risk, credit risk, operational risk, interest rate risk, mortality risk, longevity risks, etc. The term "risk" has a long history in insurance and has acquired several specialised definitions, including "the subject-matter of an insurance contract", "an insured peril" as well as the more common "possibility of an event occurring which causes injury or loss". Occupational health and safety

294-533: A potential development is sometimes called speculative development . Subdivision of land is the principal mechanism by which communities are developed. Technically, subdivision describes the legal and physical steps a developer must take to convert raw land into developed land. Subdivision is a vital part of a community's growth, determining its appearance, the mix of its land uses , and its infrastructure, including roads , drainage systems, water , sewerage , and public utilities . Land development can pose

336-458: A project's economics; attorneys to handle agreements and government approvals ; environmental consultants and soils engineers to analyze a site's physical limitations and environmental impacts ; surveyors and title companies to provide legal descriptions of a property; and lenders to provide financing. The general contractor of the project hires subcontractors to put the architectural plans into action. Purchasing unused land for

378-622: A simple summary, defining risk as "the possibility of something bad happening". The International Organization for Standardization (ISO) 31073 provides basic vocabulary to develop common understanding on risk management concepts and terms across different applications. ISO 31073 defines risk as: effect of uncertainty on objectives Note 1: An effect is a deviation from the expected. It can be positive, negative or both, and can address, create or result in opportunities and threats . Note 2: Objectives can have different aspects and categories, and can be applied at different levels. Note 3: Risk

420-530: A team of professionals to address the environmental, economic, private, physical and political issues inherent in a complex development project is critical. A developer's success depends on the ability to coordinate and lead the completion of a series of interrelated activities efficiently and at the appropriate time. Development process requires skills of many professionals: architects , landscape architects , civil engineers and site planners to address project design; market consultants to determine demand and

462-521: A variety of hazards that may result in accidents causing harm to people, property and the environment. In the safety field, risk is typically defined as the "likelihood and severity of hazardous events". Safety risks are controlled using techniques of risk management. A high reliability organisation (HRO) involves complex operations in environments where catastrophic accidents could occur. Examples include aircraft carriers, air traffic control, aerospace and nuclear power stations. Some HROs manage risk in

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504-529: Is a constituent of the FTSE 100 Index . The British Land Company was founded in 1856 as an offshoot of the National Freehold Land Society (later Abbey National ) formed in 1849 with the two chief architects of the freehold land movement Richard Cobden and John Bright . Both were ardent supporters of a movement to extend enfranchisement. To qualify for a parliamentary vote it was then necessary to be

546-494: Is a questionnaire screening tool, used to provide individuals with an evaluation of their health risks and quality of life. Health, safety, and environment (HSE) are separate practice areas; however, they are often linked. The reason is typically to do with organizational management structures; however, there are strong links among these disciplines. One of the strongest links is that a single risk event may have impacts in all three areas, albeit over differing timescales. For example,

588-416: Is an individual or collaborative undertaking planned to achieve a specific aim. Project risk is defined as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives". Project risk management aims to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events in the project. Safety is concerned with

630-471: Is concerned with occupational hazards experienced in the workplace. The Occupational Health and Safety Assessment Series (OHSAS) standard OHSAS 18001 in 1999 defined risk as the "combination of the likelihood and consequence(s) of a specified hazardous event occurring". In 2018 this was replaced by ISO 45001 "Occupational health and safety management systems", which use the ISO Guide 73 definition. A project

672-432: Is narrowly focused on computer security, information risks extend to other forms of information (paper, microfilm). Insurance is a risk treatment option which involves risk sharing. It can be considered as a form of contingent capital and is akin to purchasing an option in which the buyer pays a small premium to be protected from a potential large loss. Insurance risk is often taken by insurance companies, who then bear

714-472: Is the use of computers to store, retrieve, transmit, and manipulate data. IT risk (or cyber risk) arises from the potential that a threat may exploit a vulnerability to breach security and cause harm. IT risk management applies risk management methods to IT to manage IT risks. Computer security is the protection of IT systems by managing IT risks. Information security is the practice of protecting information by mitigating information risks. While IT risk

756-436: Is usually expressed in terms of risk sources, potential events, their consequences and their likelihood. This definition was developed by an international committee representing over 30 countries and is based on the input of several thousand subject-matter experts. It was first adopted in 2002 for use in standards. Its complexity reflects the difficulty of satisfying fields that use the term risk, in different ways. Some restrict

798-702: The Broadgate Estate , one of the largest developments in London over several decades, and Regent's Place near Warren Street Station . Since October 2012 British Land and the Norwegian Government Pension Fund Global had each owned 50% stakes in Meadowhall , one of the UK's largest shopping centres based in Sheffield . An agreement between Norges Bank Investment Management (NBIM) and British Land

840-667: The COVID-19 pandemic in the United Kingdom . In September 2023, it was reported that Meta , the owner of Facebook , had paid £149 million to British Land in order to break the lease on its Triton Square London Office. Meta reportedly had 18 years left on its lease at the time. As of 31 March 2023 the company owned a portfolio valued at £5.7 billion. The portfolio includes a large amount of property which has been purchased from and leased back to major retailers such as Tesco , Sainsbury's , House of Fraser and Asda . This includes

882-552: The Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990 s55. A development team can be put together in one of several ways. At one extreme, a large company might include many services, from architecture to engineering . At the other end of the spectrum, a development company might consist of one principal and a few staff who hire or contract with other companies and professionals for each service as needed. Assembling

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924-478: The variance (or standard deviation) of asset prices. More recent risk measures include value at risk . Because investors are generally risk averse , investments with greater inherent risk must promise higher expected returns. Financial risk management uses financial instruments to manage exposure to risk. It includes the use of a hedge to offset risks by adopting a position in an opposing market or investment. In financial audit , audit risk refers to

966-711: The common methods of management, the measurements of risk and even the definition of risk differ in different practice areas. This section provides links to more detailed articles on these areas. Business risks arise from uncertainty about the profit of a commercial business due to unwanted events such as changes in tastes, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc. Business risks are controlled using techniques of risk management . In many cases they may be managed by intuitive steps to prevent or mitigate risks, by following regulations or standards of good practice, or by insurance . Enterprise risk management includes

1008-452: The compromise of organizational assets i.e. the unauthorized use, loss, damage, disclosure or modification of organizational assets for the profit, personal interest or political interests of individuals, groups or other entities." Security risk management involves protection of assets from harm caused by deliberate acts. Risk is ubiquitous in all areas of life and we all manage these risks, consciously or intuitively, whether we are managing

1050-432: The context of public health , risk assessment is the process of characterizing the nature and likelihood of a harmful effect to individuals or populations from certain human activities. Health risk assessment can be mostly qualitative or can include statistical estimates of probabilities for specific populations. A health risk assessment (also referred to as a health risk appraisal and health & well-being assessment)

1092-508: The development charity ActionAid . In March 2019, the company appointed Tim Score as the chair of its board. In September 2020, British Land announced that its chief executive Chris Grigg would exit the company December of that year. He was succeeded by the firms chief financial officer Simon Carter in November 2020. In November 2020, British Land wrote down the value of its portfolio by almost £1 billion after retail income fell due to

1134-532: The earliest use of the word in English (in the spelling of risque from its French original, 'risque') as of 1621, and the spelling as risk from 1655. While including several other definitions, the OED 3rd edition defines risk as: (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility. The Cambridge Advanced Learner's Dictionary gives

1176-771: The environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas ( business , economics , environment , finance , information technology , health , insurance , safety , security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000 , provides principles and general guidelines on managing risks faced by organizations . The Oxford English Dictionary (OED) cites

1218-414: The importance of different adverse effects in a particular situation. The Society for Risk Analysis concludes that "experience has shown that to agree on one unified set of definitions is not realistic". The solution is "to allow for different perspectives on fundamental concepts and make a distinction between overall qualitative definitions and their associated measurements." The understanding of risk,

1260-594: The latter part of the nineteenth century. In 2004 it received planning permission for a Richard Rogers designed skyscraper at 122 Leadenhall Street , known informally as "The Cheese Grater" in the City of London . Construction of the tower, which is the 6th tallest building in the United Kingdom , began in October 2007 and was completed in 2014. In May 2005 British Land announced that it had agreed to purchase Pillar Property Plc for £811 million in cash to boost its position in

1302-444: The local environment. Finance is concerned with money management and acquiring funds. Financial risk arises from uncertainty about financial returns. It includes market risk , credit risk , liquidity risk and operational risk . In finance, risk is the possibility that the actual return on an investment will be different from its expected return. This includes not only " downside risk " (returns below expectations, including

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1344-469: The methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. Economics is concerned with the production, distribution and consumption of goods and services. Economic risk arises from uncertainty about economic outcomes. For example, economic risk may be the chance that macroeconomic conditions like exchange rates, government regulation, or political stability will affect an investment or

1386-436: The most risk, but can also be the most profitable technique as it is dependent on the public sector for approvals and infrastructure and because it involves a long investment period with no positive cash flow . After subdivision is complete, the developer usually markets the land to a home builder or other end user, for such uses as a warehouse or shopping center . In any case, use of spatial intelligence tools mitigate

1428-408: The out-of-town retail property sector. In 2006 Sir John Ritblat , who had chaired the company since 1970, stood down and was replaced by Chris Gibson-Smith . In October 2011, the company was placed in the number one position, with 135 subsidiaries, on a list of FTSE 100 companies that use tax havens for their operations, as revealed in a database of their subsidiaries compiled for the first time by

1470-425: The possibility of losing some or all of the original investment) but also "upside risk" (returns that exceed expectations). In Knight's definition, risk is often defined as quantifiable uncertainty about gains and losses. This contrasts with Knightian uncertainty , which cannot be quantified. Financial risk modeling determines the aggregate risk in a financial portfolio. Modern portfolio theory measures risk using

1512-440: The potential that an audit report may fail to detect material misstatement either due to error or fraud. Health risks arise from disease and other biological hazards . Epidemiology is the study and analysis of the distribution, patterns and determinants of health and disease. It is a cornerstone of public health , and shapes policy decisions by identifying risk factors for disease and targets for preventive healthcare . In

1554-488: The process of development from beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it. Sometimes property developers will only undertake part of

1596-739: The process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer who is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately. The financial risks of real estate development and real estate investing differ due to leverage effects. Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In

1638-448: The risk of these developers by modeling the population trends and demographic make-up of the sort of customers a home builder or retailer would like to have surrounding their new development. Risk In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or

1680-422: The term to negative impacts ("downside risks"), while others also include positive impacts ("upside risks"). Some resolve these differences by arguing that the definition of risk is subjective. For example: No definition is advanced as the correct one, because there is no one definition that is suitable for all problems. Rather, the choice of definition is a political one, expressing someone's views regarding

1722-423: The uncontrolled release of radiation or a toxic chemical may have immediate short-term safety consequences, more protracted health impacts, and much longer-term environmental impacts . Events such as Chernobyl , for example, caused immediate deaths, and in the longer term, deaths from cancers, and left a lasting environmental impact leading to birth defects , impacts on wildlife, etc. Information technology (IT)

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1764-511: Was signed on 18 May 2024 for NBIM to acquire the remaining 50% stake of the Meadowhall estate from British Land, completing on 12 July 2024. The cost of the acquisition was £360 million. British Land would continue as the asset manager of the property. Real estate development Developers buy land, finance real estate deals, build or have builders build projects, develop projects in joint ventures, and create, imagine, control, and orchestrate

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