May 14, 2015 / 6:37 AM / 2 years ago

UPDATE 1-British Land says NAV jumps, raises dividend

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May 14 (Reuters) - British Land Company Plc, the country's second-largest listed property developer, proposed a higher payout for the first quarter after a surge in demand for commercial property, especially in London, helped its full-year net asset value climb steeply.

The developer of London's "Cheesegrater" skyscraper said EPRA net asset value - a key measure for developers as it reflects the value of their buildings - rose 20.5 percent to 829 pence in the year ended March 31.

EPRA NAVs are calculated as per European Public Real Estate Association (EPRA) guidelines.

The value for commercial property in the UK has skyrocketed, as investors seek for new liability-matching instruments in a low interest-rate environment.

Businesses have also grown increasingly confident of switching addresses as the country's economic recovery grows more sure-footed.

British Land, which trades in retail and office properties, said it would propose a dividend of 7.09 pence per share for the first quarter of financial year 2016, up 2.5 percent from a year earlier.

The company also raised its full-year dividend to 27.68 pence per share from 27 pence. (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)

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