British Land positive despite Q1 profit fall

Pre-tax profit at British Land has fallen almost 15% for the first quarter of 2009 to £63m.

Net rental income was also down compared to the first quarter of 2008, to £143m (£162m).

But the property company said that it saw the pace in the decline in value of its portfolio slowing "markedly" qith £3.2bn of its assets (39%) either increasing in value or remaining unchanged.

And it indicated that it sensed a "clear improvement" in investor sentiment, with renewed bidding competition. The company is now "actively assessing" new investments.

Chairman Chris Gibson-Smith said: “These results demonstrate that British Land remains in a relatively strong position with resilient income from a well-let, prime portfolio. Our financial flexibility and scale give us competitive advantage to capitalise on opportunities.”