Developer boasts 'sparkling form' with total net assets valued at £6.6bn
Announcing its interim results today, British Land said it was on “sparkling form” after posting a 27% rise in pre-tax profit to £130m for the six months to 30 September. Net asset value over a 12 month period was up 29%, with total net assets valued at £6.6bn.
The results are the developer’s last before if converts to real estate investment trust status on 1 January. Chief executive Stephen Hester said the REIT regime will reinforce British Land’s “competitive position.”
The results were also the last for chairman Sir John Ritblat who leaves the company after 35 years to join investment back Lehman Brothers. He will be succeeded by Dr Chris Gibson-Smith who is currently senior director at British Land and was also chairman of the London Stock Exchange.