British Land toasts “another good year” as NAV rises 5.7%

British Land posted a 5.7% rise in net asset value to 976p and a 2.2% valuation increase in what chief executive Chris Grigg said was “another good year”. In its full year results to the 31 March, the listed property company booked an underlying profit of £380m -down 2.6%year-on-year following £1.5bn net sales of income producing assets in the last two financial years. Looking forward Grigg sounded a note of caution saying that the developer “is mindful of the uncertainties.” He added: “In retail, market conditions are likely to remain challenging. In offices, demand for our space is healthy, with a range of businesses continuing to commit to London and the supply of high quality new space relatively constrained in the short term. “As the ways in which businesses and people use space evolves, our strong and flexible balance sheet means we can capitalise on the opportunities we have created, which broaden the type of space we offer and further enhance the mix of uses and occupiers at our places to deliver enduring growth and returns.” More soon. Click here for the full Investegate announcement