British Land put rival Land Securities in the shade today amid rising property values and rents in the City and the West End.
It is benefiting from its greater exposure to the West End, where values have risen 6% in the six months to September and has filled its 10 Brock Street building near Euston after a major letting to Facebook.
The firm’s City offices, including the Cheesegrater, have risen 3.6% and it has booked £400 million in development profits since deciding to press ahead with new buildings in 2010.
Its retail portfolio outperformed Land Securities and net asset value per share rose 4.5% to 623p over the half, beating Land Securities’ 3.8% growth. Liberum’s Michael Burt said the company had outperformed Land Securities “across the board”.
West End property firm Derwent London also predicted rental growth at the top end of its 4% to 6% range this year after record lettings in the first nine months of the year.
