British Land swings to revenue as lease assortment improves By Reuters

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© Reuters. FILE PHOTO: A man walks through Broadgate Circle as the spread of coronavirus disease (COVID-19) continues, London, United Kingdom, March 31, 2020. REUTERS / John Sibley / File Photo

(Reuters) – Commercial landlord British country Co Plc (LON 🙂 achieved a half-year profit on Wednesday due to improved rental collection and a higher value of its office space and retail parks.

Office real estate firms in the UK are gradually recovering after struggling with lower rental levels and a sharp drop in valuations in the wake of the pandemic as people increasingly return to the cities while larger retail parks have benefited from the health crisis.

“Demand is firmly geared towards the very best (office) space, with a focus on sustainability, wellness, shared and flexible spaces and excellent transport links,” said CEO Simon Carter in a press release.

The owner of Broadgate Estate, which counts office space as its largest segment, said a metric per share that reflects the value of its buildings, EPRA Net Tangible Assets, rose 5.1% to 681p, while the portfolio’s overall valuation rose 2 .9% rose.

The company stated that rent collection for its retail portfolio was 96% over the half year period, while it was fully collected for the office space.

The company said earnings after tax for the six months ended September 30 were £ 370 million ($ 497.95 million), after a loss of £ 730 million the previous year.

British Land’s bigger rival Landsec also posted half-year earnings on Tuesday, aided by “resilient” rents in its prime Central London-focused office portfolio.

($ 1 = 0.7431 pounds)

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