British Land asset value rises

UK developer British Land posted rises in first-half net asset value (NAV) and underlying pretax profit, and said it was well positioned to capture upside in both income and capital when the economy improves.

British Land booked a 4.2 per cent rise in first-half NAV to 591 pence a share, while its underlying pre-tax profit rose 3.9 per cent at £132m.

The blue-chip developer's total portfolio value was up 2.2 per cent at the half-year mark to £10.2bn, with office and retail valuations rising, respectively, 5.3 per cent and 0.7 per cent.

"In the current challenging economic environment, our results demonstrate the quality of our portfolio underlined by the actions we've taken to focus on growing both income and capital," said chief executive Chris Grigg.

"We are well positioned for today but also have the capacity to capture upside when the economy improves," Grigg said in the results statement.