British Land's half-year net asset value rises

(Reuters) - Property company British Land on Thursday reported a rise in net asset value, adding to signs that property demand from companies continues to hold up ahead of Britain’s exit from the European Union.

EPRA net asset value, a key industry metric that reflects the value of a firm’s buildings, rose 2.6% to 939p per share in the six months ended 30 September.

Profit

The company, which owns the Meadowhall shopping centre in Sheffield and office property at Paddington Central in London, reported underlying profit of £198m for the half-year ended 30 September.

Underlying profit was £199m in the same period last year.

“British Land’s continuing focus on three major London campuses has underpinned strong occupier demand during the period,” the company said.

The property developer also increased its half-year dividend by 3% to 15.04p per share.

Market reaction

Investors were impressed with the results and pushed the shares 1.76% higher to 607p in early trade on the London Stock Exchange.