British Land’s mixed results


British Land has announced its third quarter figures today and remained positive about its future.

The company has revealed its value fell by 16.7 per cent despite retaining 99 per cent occupancy rates.

Chairman, Chris Gibson-Smith explained: "Macro-economic uncertainty and the global credit crunch have depressed property values."

He later said "the worst should now be behind us" and he explained the groups’ approach for the coming year.

"We are optimistic about British Land’s inherent strengths and ability to create value over the course of the business cycle," he commented.

The company’s portfolio saw like-for-like rental value growth of five per cent and £600 million of property sales since September 2007.

The City has reacted positively to news of the Bank of England’s further quarter per cent interest rate cut, its second in three months.

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