British Land is the first of the property companies with a financial year to March 31 to report — its great rival Land Securities is up on Tuesday. Surprise, surprise, the great property juggernaut is showing no signs of slowing.
There is almost nothing to complain about in the figures. Perhaps one could point to some slowing in the rate of growth in net asset values, going into the second half, but this is probably just a matter of timing.
British Land took the decision to speed up its investment in the capital in 2010. The company has notched up £1.1 billion of profits on space delivered since, a rate of return of more than 30 per cent. Its Cheesegrater tower, for example, is 85