Above market growth in asset value for British Land

BLND : Above market growth in asset value for British Land

British Land’s interim report for the six months ended 30 September 2014 shows 11.8% growth in its net asset value to 769p with property values up 7.2% and total returns on property of 9.8% for the period. Underlying profits were 6.2% ahead at £155m, with underlying Earnings Per Share up 5.5% at 15.3p. The second interim dividend is 6.92 pence per share, bringing the dividend for the half year to 13.84 pence per share, an increase of 2.5%.

Occupancy across the portfolio rose to 97.1% (up 2.4% in the period) as they signed 1.1m sq ft of new lettings and renewals (at increased rents). They have been developing high end residential accommodation at Clarges Mayfair and have sold £227m worth of property at that site. The Leadenhall building is finished and they have been letting it. 5 Broadgate (which they are building for UBS) is on schedule for completion in 2015. They have other development activity in the pipeline including 4 Kingdom Street in Paddington and Blossom Street in Shoreditch.