British Land has completed the purchase of Green Lanes Shopping Centre in Barnstaple, north Devon, for £30m and it is progressing with six office schemes in London.
The UK’s second-biggest property company is also looking to buy properties outside London where it can add value. It has a development pipeline that will deliver 2m sq ft of space in the capital by 2014. The news came on the announcement of third-quarter results in which pretax profit fell from £611m to £263m although underlying profit climbed from £58m to £64m. Its properties rose 2.3% in value to £9.3bn and NAV climbed 4.4% on the previous quarter to 548p a share, up 25% year-on-year. The shares closed up 3.5p at 543p.
16/02/11 Financial Times 20
Times 40
Daily Telegraph B4, B7
Independent 39
