Property share prices received a boost this morning after British Land revealed a strong set of quarterly results
Property share prices received a boost this morning after British Land revealed a strong set of quarterly results.
The NAV rise to 1592p was driven by a 3.5% increase in the value of the company’s £19.4bn property portfolio in line with Investment Property Data of 3.6%.
Best performances were City offices which rose 4.8%, individually Broadgate by 4.2% and Regent’s Place by 3%. West End offices which rose 4%.
Retail warehouses – 22% of the company’s overall portfolio – increased by 3.6%. BL’s shopping centres rose by 2.8% - Meadowhall rose in value by 2.6%. Department stores rose by 2.3% and high street retail by 1.2%.
British Land chief executive Stephen Hester said: ‘Greater sectoral differentiation is evident this quarter as office yields – particularly in London – continue their sharp downward movement in anticipation of cyclical acceleration of rental growth. Retail property returns, while still strong, are slowing after their outperformance of recent years.’