British Land full year NAV up as market confidence holds

Full year underlying profits at British Land rose to £363m from £313m driven by successful leasing activity and lower financing costs, while net asset value jumped to 919p from 829p.

Pre-tax profits on an IFRS basis fell to £1.3bn from £1.78bn. Earnings per share fell to 131.2p from 168.3p.

“Our portfolio is virtually full with occupancy of 99%. In good occupational markets in both Retail and Offices, we saw strong levels of demand for our remaining space,” the company said.

“We remain confident in the underlying strength of the business despite continued global macro uncertainty and the potentially adverse impact of a vote for the UK to leave the European Union.”

“Our current committed development pipeline is modest but we have built optionality into our future pipeline so we can exploit its potential when the time is right.”