The market reaction to the British Land figures to the end of March, the first from a big London property company, might seem perverse. Net assets per share, off only 0.4 per cent at 915p, are almost 5 per cent ahead of consensus forecasts, though it is fair to say that some analysts had been a bit tardy in updating these.
This was largely thanks to a bounce in the second half of 2.7 per cent, higher than expected, as the market settled down after the initial shock of the referendum. All the other metrics are heading in the right direction. Letting activity remains strong, with 1.7 million sq ft out during the financial year at 8 per cent ahead of estimated rental value.
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