British Land's asset value lifts

BRITISH Land posted its first rise in net asset value since 2007 yesterday, fuelling hopes that the billions of pounds of distressed property loans jamming bank balance sheets may not be as toxic as first feared.<br /><br />The blue-chip real estate company said its net asset value rose 3.1 per cent to 372p a share in its fiscal second quarter, trimming the fall since March to 6.5 per cent.<br /><br />Some 70 per cent of its &pound;8.3bn property portfolio has increased in value since June.<br /><br />The group is also eyeing up &pound;250m of prospective property sites. <br />