November 16, 2017 / 7:38 AM / 6 months ago

British Land's half-year net asset value rises

Nov 16 (Reuters) - Property company British Land on Thursday reported a rise in net asset value, adding to signs that property demand from companies continues to hold up ahead of Britain’s exit from the European Union.

EPRA net asset value, a key industry metric that reflects the value of a firm’s buildings, rose 2.6 percent to 939 pence per share in the six months ended Sept. 30.

The company, which owns the Meadowhall shopping centre in Sheffield and office property at Paddington Central in London, reported underlying profit of 198 million pounds ($261 million) for the half-year ended Sept. 30.

Underlying profit was 199 million pounds in the same period last year.

“British Land’s continuing focus on three major London campuses has underpinned strong occupier demand during the period,” the company said.

The property developer also increased its half-year dividend by 3 percent to 15.04 pence per share.

$1 = 0.7590 pounds Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Mark Potter

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