British Land buys Pillar in $1.5 billion

British Land Co Plc agreed to buy Pillar Property Plc on Monday in an 811 million pound ($1.5 billion) cash deal that will strengthen its position in the booming out-of-town retail property market. Britain's largest property investment company by assets said it was paying 855 pence a share for Pillar, which has also led a trend of British property firms moving into property asset management. "You can barely pick a retailer that isn't finding out of town an area where they are expanding, even in tougher times. The place to be will be out-of-town retail warehouses," Hester told journalists in a conference call.