Real estate investment trust British Land posted a 15.4% increase in full-year net asset value reflecting a resurgence in the commercial sector of the UK.
British Land, who is the developer behind the London’s Cheesegrater skyscraper, said it had £1.3bn ($2.19 billion) invested in acquisitions and development projects focused on London and the South East.
Central Paddington and Blossom Street in Shoreditch are developments The REIT is involved in . It successfully completed 820,000 sq ft of developments during the year in West End alone.
The firm’s UK portfolio valuation has increased by 8.3% to reach £11.5bn, with retail valuation rising by 4.4% and the value of its offices & residential jumping by 14.5%.