British Land is investing £1.5 billion in commercial property development for the City of London and the West End.

The FTSE-100 listed company said it is spending the money to create 2.1 million sq ft of prime office space in the capital, with 1.5 million sq ft located in the City, at sites on Broadgate, Bishopgate and Leadenhall Street.

It is also creating 600,000 sq ft of real estate in the West End, on Baker Street and Regent’s Place.

The firm confirmed the move in its half-year results for the six months to September 30th, in which it revealed a 4.2 per cent increase in its net asset value per share, which has climbed to 525p.