British Land reports 13% rise in pre-tax profits

Developer British Land has reported a 13% rise to £257m in underlying pre-tax profit in its full year results.

Net asset value per share went up 20% over the year, although figures dipped when charges related to the developer’s REIT conversion in January were taken into account. After refinancing, NAV was to 1682p, a rise of 4.5% on the previous quarter.

The company’s results were driven by strong rental growth, although the developer said today that the slowdown in the property investment market was continuing.

The company also announced the sale of its One Exchange Square building in the City of London to KanAm Grund for £406.3m.