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British Land is shopping around for more deals

By Daily Mail Reporter
Updated: 03:54 EDT, 16 February 2011

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British Land is on the hunt for more deals after posting a jump in the value of its property empire, signalling the real estate sector may have seen the back of lean times.

The owner of Sheffield's Meadowhall Shopping Centre said its portfolio valuation increased to £9.3bn, up 2.3% in the quarter and a rise of 13.1% over 12 months. Pre-tax profits rose 10% to £64m in the three months to December 31, 2010, driven by higher rents.

Chief executive Chris Grigg warned the UK economic recovery was likely to be 'muted' but said British Land (down 3.5p to 543p) was well placed to benefit from demand for high quality office and retail space. Yesterday it bought Green Lanes shopping centre in Barnstaple, Devon, for £30m.

And it recently snapped up Drake Circus shopping centre in Plymouth for £240m.

In total the company splashed out £330m on deals in the third quarter. The dividend was maintained at 6.5p.

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