British Land sees 7.5% rise in interim NAV

17th Nov 2015 07:21

(ShareCast News) - British Land reported a 7.5% rise in half-year net asset value to 891p with underlying pre-tax profits up 10.3% at £171m "driven both by our successful leasing activity and our lower financing costs".Ordinary pre-tax profits were down to £823m from £1.04bn, while diluted underlying earnings per share were up 4.6% at 16p."Looking forward, we remain positive about occupational demand in our markets which is supported by UK economic performance. We are, of course, mindful of increased volatility in a number of capital markets which could adversely impact our investment markets,," said chief executive Chris Grigg."We have assembled a pipeline of development opportunities which gives us growth into the future, and we are able to take timely decisions on it to reflect changes in market conditions.""These include exciting opportunities across our three existing London campuses, the potential to create a new London campus at Canada Water, alongside significant investment opportunities in our existing retail assets.""We expect to maintain our capital discipline with investment and development over the coming year being at least balanced by asset disposals."