British Land announces a significant boost in commercial property values in the last fiscal year.
Strong demand for London offices and
commercial development projects have seen the value of one
property investment firm's portfolio rise by a quarter, it is claimed.
British Land's annual report for the 2009-10 fiscal year has indicated that the firm's net value per share has risen 27 per cent to 504 pence, valuing the landlord at £4.4 billion.
The company's chairman Chris Gibson-Smith said the firm had achieved those results as it has scale, "focus and outstanding experience and expertise".
He added: "We have delivered strong valuation and NAV growth which are underpinned by a strong balance sheet.
"We are well positioned as we emerge from the challenges of the last year and look forward to the opportunities that lie ahead."
Commenting on the future, British Land's chief executive Chris Grigg told the Times that there remains and global demand for commercial real estate, but he does not expect growth to continue.
Posted by Tess Nelson.
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