PwC is to replace Deloitte as auditor at FTSE 100 property investment company British Land which owns or manages properties valued at £17.1bn.

The company, which is one of Europe's largest real estate investment trusts (REIT), said PwC would be appointed from the financial year beginning 1 April 2014, subject to shareholder approval at the Annual General Meeting to be held in July.

In a statement, British Land said it had approached a number of firms as part of the tender process, including mid-tier firms as well as the Big Four, to create its short list. Deloitte was not invited to tender, 'due to the longevity of their appointment having been the company's auditors for over 10 years.'

According to its 2013 annual report, British Land paid Deloitte £900,000 in total over the year, of which £300,000 was for non-audit services including £300,000 for advice and services provided by Deloitte Real Estate.

Aubrey Adams, chairman of the British Land audit committee, said: 'We thank Deloitte for their contribution as the company's auditor and look forward to working with PwC.'