British Land back in black after property market picks up

BRITISH land has returned to profit after the value of its property portfolio increased.

The developer and landlord posted profits of £1.13bn for the year to 31 March.

The company had suffered two years of heavy losses, including £3.93bn in the previous year.

Its property portfolio, which includes the Broadgate Estate in the City, rose 13.5 per cent in value to £8.54bn.

Chief executive Chris Grigg said: “It has been an extreme period of volatility but we have performed well.”

The firm has three development projects underway in London – including new offices for UBS in Broadgate as well buildings in Regent's Place and Baker Street.

Grigg added: “Virtually everyone stopped development for two or three years so there is a real shortage of supply.
“We have really seen the leasing market pick up – people are looking for new space.”