May 17, 2018 / 6:31 AM / 10 days ago

British Land's FY NAV rises on strong London office business

May 17 (Reuters) - Property company British Land on Thursday reported a 5.7 percent rise in full-year net asset value, helped by strong performance in its London office business.

EPRA net asset value, a key industry metric that reflects the value of a firm’s buildings, rose 5.7 percent to 967 pence for the year ended March 31.

The company’s London office business portfolio value was up 4.5 percent, helped by higher leasing activity.

Underlying profit, however, fell 2.6 percent to 380 million pounds ($514.75 million) for the year due to sale of assets over the last two years.

$1 = 0.7382 pounds Reporting by Radhika Rukmangadhan in Bengaluru ; Editing by Vyas Mohan

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