British Land profits rise 10%

IMPROVED retail rental performance at sites in Yorkshire has helped British Land to a 10% rise in third quarter profits.

The company reported underlying pre-tax profits of £64m, up from £58m in the same period 12 months earlier.

British Land said estimated retail values were ahead by 0.4% in the third quarter as the company agreed 170,000 sq ft of new lettings and renewals including 20,000 sq ft of new lettings at the Meadowhall shopping centre in Sheffield and 50,000 sq ft let to Asda Living and Currys/PC World at the Parkgate Shopping Park in Rotherham.

Chief executive Chris Grigg said: “This is a strong financial performance from British Land which reflects the good progress we have made right across the business during what has been a busy quarter.

“We continued to outperform the IPD benchmark and delivered good growth in income, valuation and NAV.

“Looking forward, while the UK recovery is likely to be muted, British Land is well placed to benefit from occupier and investor demand for high quality space in retail and central London offices coupled with an increase in acquisition opportunities at more realistic prices.”