British Land net asset value up in third quarter

REAL-ESTATE company British Land yesterday posted 25 per cent growth in third-quarter net asset value (NAV), and said that it is investing in the south-east of England with the purchase of a shopping centre in Barnstaple, Devon, for £30m at a net yield of eight per cent.

British Land – whose portfolio is dominated by prime retail and offices – said third-quarter NAV per share was 548p, up 25 per cent year-on-year. Its portfolio value was £9.3bn at 31 December 2010, up 13.1 per cent.