May 17 Property developer British Land
said it had reduced the amount of space it was building without
secured tenants to below 4 percent, adding that its London
office tenants were taking longer to make decisions to take up
Britain's second-largest listed developer, which owns
Sheffield's Meadowhall shopping centre and office developments
at Paddington Central, said that it expected uncertainty in the
property market to persist for "some considerable" time as
Britain negotiates its exit form the European Union.
The company reported a 7.4 percent increase in full-year
underlying profit to 390 million pounds ($503.61 million). It
said its EPRA net asset value (NAV) - a key metric for the
industry that reflects the value of a company's buildings -
slipped 0.4 percent to 915 pence per share.
The amount of space it was building without secured tenants
was cut to below 4 percent, reducing its exposure to such higher
risk projects in what it termed as "uncertain markets".
"London occupiers, particularly financial institutions, are
making contingency plans but there is a wide range of possible
outcomes here," British Land said on Wednesday.
($1 = 0.7744 pounds)
(Reporting by Esha Vaish in Bengaluru, editing by Louise