The value of British Land’s portfolio has recovered after slumping last year, indicating that confidence is beginning to return to the UK property market.
The property company, which is the second largest in the UK, said its net asset value per share, the preferred measure of performance used by property companies, had dipped 0.4pc to 915p in the last year, far less than the up to 6pc fall expected by some analysts.
The smaller-than-expected fall indicates that valuers think demand for buying UK commercial property has returned, having slumped after the EU referendum in June. The values particularly rebounded in the last six months.
British Land’s figures were also helped by the record-breaking sale of London’s Cheesegrater skyscraper, which it offloaded to Chinese firm CC Land Holdings for £1.1bn.