British Land profits surge 10% to £64m

Property firm British Land, whose portfolio is dominated by prime retail developments and offices, yesterday said its underlying pre-tax profits rose 10 per cent to £64 million in the third quarter to 31 December as demand and trends improved in its core markets.

The group's net asset value - a key measure for property firms - rose 4.4 per cent in the quarter. Its portfolio value was 9.3 billion at 31 December.