British Land full year net asset value climbs on strong retail sector

British Land Co plc posted a 12.5% rise in net asset values for the full year, helped by a strong performance in its retail division. For the 12 months to end March, NAV rose to 966 pence from 859 pence a year earlier. Pretax profit climbed to 186.0 mln stg from 174.3 mln a year before.

The retail sector, which is focused primarily on out-of-town retail warehouse parks, major superstores and shopping centres, saw growth of 12.4 pct for the year, the company said.

The total dividend was up 8.2 pct to 14.5 pence.

'Given a reasonable economic climate, property will benefit because capitalisation rates are having the long overdue correction....and REITS also are likely to increase demand for high quality assets,' it added.

The company also said it is continuing its search for a new chief executive after a candidate pulled out the day before yesterday.
Source: Freeman / AFX

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