Developer British Land posted a 9.9% increase in pre-tax profits to £256M in its full year results to 31 March 2011.
The strong performance has lead to the British Land committing to a £1.6bn London investment programme. The firm has made £511M in acquisitions including the Drake Circus Shopping Centre in Plymouth, and the £285M Broadgate development with banking giant UBS.
“British Land has had a very active year,” said British Land chief executive Chris Grigg. “We have again outperformed the market and there is real momentum in the business.”
“We have made a significant commitment to London office development and also continued to build on our high quality retail portfolio. Our strong letting performance across our portfolio shows clearly that there is still demand
from occupiers for the well-located prime retail and London office assets we provide and we expect this
“With our strong asset base, management expertise and financial strength we are well placed to continue our strong performance.”
British Land chairman Chris Gibson-Smith added that, “While, as a nation, we have moved from “Recession” to the “Age of Austerity”, consumers are still shopping and good businesses are looking to grow. British Land has been well served by the quality, location and sustainability of its portfolio.”