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British Land NAV jumps 15 pct as UK property market recovers
May 14, 2014 / 6:24 AM / 4 years ago

British Land NAV jumps 15 pct as UK property market recovers

LONDON, May 14 (Reuters) - British Land, developer of London’s “Cheesegrater” skyscraper, posted a 15.4 percent jump in full-year net asset value, helped by the country’s commercial property market recovery and moves to re-shape its own real estate portfolio.

The company, Britain’s second largest listed property company after Land Securities, said on Wednesday EPRA net asset value per share, a key measure of industry performance, rose to 688 pence per share over the year to the end of March, from 596 pence in the previous year.

“We have benefited from strengthening occupational and investment markets but the decisions and actions we have taken both this year and in previous years have been a significant contributor to our performance,” Chief Executive Chris Grigg said on Wednesday.

British Land has been selling off mature assets and taking on debt to replenish its development pipeline after having completed and let many of its 2010 schemes. It said it had 1.3 billion pounds ($2.19 billion) invested in acquisitions and development projects focused on London and the South East.

It said it would pay a quarterly dividend of 6.75 pence, bringing the full-year payout to 27 pence, up 2.3 percent from the previous year.

Shares in British Land closed at 715 pence on Tuesday valuing the company at 7.25 billion pounds. ($1 = 0.5939 British Pounds) (Reporting by Brenda Goh; editing by James Davey)

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