British Land sees NAV slump 64%

21st May 2009 07:22

British Land said its net asset value (NAV) per share slumped 64% last year, while its property portfolio lost almost two-thirds in value. The group's portfolio valuation is down by 28.2% and its NAV per share dropped to 398p. The portfolio includes the prestigious Broadgate complex in London. Meanwhile, £3.24bn of markdowns led to a widened full-year net loss of £3.88bn compared with a loss of £1.56bn last time. Underlying pretax profits came to £268m.The dividend is up 3% to 29.8 pence per share for the year. While admitting that the market place was tough, chief executive Chris Grigg emphasised the group was well placed to continue to deliver a strong performance relative to the property sector.British Land recently raised £767m to bolster its balance sheet and provide some firepower for bargain hunting.