Property giant reported to be in "rude health" as portfolio increases to £18.7bn.

British Land has posted its first-ever quarterly figures, with a £672m pre-tax profit and net asset value up 10.7% to 1390p.

In figures released this morning for the three months to 31 December 2005, the property giant revealed that its portfolio valuation had increased 4.6% to £18.7bn.

It sold £597m of assets in the period, bringing the total for the financial year to £1.3bn.

Major sales in the period included the £167.3m disposal of Manchester Fort Shopping Park and the £119.5m sale of 1 Fleet Place, EC4. British Land has also made £186.9m from the sale of Citypoint, EC2 since the start of 2006.

Property has had a very good run, and at present prime is the place to be.

Sir John Ribalt

British Land Sir John Ritblat said: "I am pleased to report that the company is in rude health. Property has had a very good run, and at present prime is the place to be."

"On REITs, we await publication of the final legislation… we are hopeful of a resolution that will be commercially viable as well as serving the public interest."

He added that British Land was also celebrating its 150th anniversary this year.