British Land published very positive results on Tuesday, including pre-tax profits of £1.13 billion and a portfolio rise of 13.5 percent for the year. This was the first increase since the property crash of 2007. Their central London property in the West End and the City contributed to this rise, having been let at values which were 9 percent above the expected value.
The company intends to increase their London office space in the year to come. This will focus on three city developments in Regent’s Place, Baker Street and Broadgate, as well as their return to the ‘Cheese Grater’ in Leadenhall.
British Land’s results reflected well on the company’s stock, with shares prices up by 21p at one point in the day. Chief Executive Chris Grigg was delighted, stating it reflected the ‘quality and strength’ of their portfolio, but he added that they expect property performance to be ‘relatively muted’ in 2011.