British Land looks to sell Euro assets

BRITISH Land is looking to sell its £255 million portfolio of retail properties in mainland Europe after the assets lost almost a fifth of their value on the back of the economic crisis in Spain and Portugal.

The group, whose UK interests include stakes in Edinburgh’s Fort Kinnaird and Glasgow Fort shopping parks, said its mainland European properties accounted for a small part of its £10.5 billion portfolio.

However, the European assets fell by 17 per cent in value in the year to March, hit by rental concessions and widening yields.

Chief executive Chris Grigg said: “We consider Europe to be a subscale business for us and our intention is to exit over time.”

The company, which is building the Cheesegrater skyscraper in the City of London, said its full-year profit before tax increased by 1.9 per cent to £274m. The full-year dividend is hiked by 1.1 per cent to 26.4p.