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Published: 14/05/2014

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%.