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.”