British Land has reported a 7.5% increase in the value of its assets to £9.3bn in the first half of the financial year.
In the six months to 30 September, the REIT reported a 10.3% increase in its pre-tax profits and a total return of 9.1%, driven by stronger leasing activity and lower financing costs.
Pre-tax profits rose to £171m, after its office and residential portfolio contributed an 8.5% increase to the total value of its portfolio.
Its retail and leisure assets reported a lower rise at 1.8%, which it said was impacted by weaker supermarket valuations and its relatively low central London retail weighting.
Chief executive Chris Gregg, said: “In recent years we have positioned our portfolio to benefit from long-term macro trends. This focus has underpinned our performance in the last six months where we have benefited from strong occupational demand and a sound UK economy. Moreover our high quality portfolio and attractive and flexible development opportunities, position us well for the future.”
