Commercial property developer, British Land reports a strong third quarter performance coupled with an 8.2% uplift in property valuation.

Underlying profit before tax was £58 million which includes the effects of portfolio re-balancing during 2009.

During the period there was 1.4% like for like rental income growth compared to the same quarter last year.

CEO Chris Grigg says: "Our third quarter performance saw a continued recovery with strong valuation growth right across the portfolio.

The significant increase in our property valuation reflects the quality of the portfolio and focus on asset management. Our retail estate is virtually 100% let and characterised by prime locations and strong customer relationships. Our office portfolio is well positioned as London letting activity picks up.

We have over 250,000 sq ft of space under offer, including nearly 220,000 sq ft to Macquarie, and have over 650,000 sq ft of additional new space available from recent development activity. "During the quarter we commenced the Broadgate JV with Blackstone, an important part of our long-term plan to re-balance the portfolio. We are investing in high quality opportunities such as Surrey Quays, where we can add considerable value, and we expect further attractive assets to emerge over the next 18 months. "

A third quarterly dividend of 6.5p will be paid on 14 May 2010.

Story provided by Business Financial Newswire