British Land, the UK’s second largest REIT, has just released its third-quarter figures, posting a profit of £623 million. The company’s share price was up 2.7 percent to 450p with the news. In the same period a year earlier, the company made a loss of £1.59 billion.
British Land owns more than 6 million square feet of office space, the majority of which is in London, including a half-share of the Broadgate office complex. This London weighting hit the company hard as commercial property values in the capital fell by around 50 percent from the top of the market in 2007, before recovering somewhat in the last nine months.
Analysts suggest that 2010 will be a busy year for British Land, as they seek to make a number of new acquisitions to remain competitive and limited property supplies come under increasing pressure from other buyers.