British Land posts 3.7% fall in its property portfolio

British Land, commercial property giant, reported smaller-than-expected 3.7% fall in its property portfolio to £8.1 billion for the quarter ended June 30.

British Land’s fall in valuation is smaller as compared with its earlier two quarters, indicating that Britain’s ailing market is on the mend.

The company has registered a 10% rise in rental income to £143 million owing to sound letting. Company’s occupancy rate stood at 94%.

However, the rental income has slipped from £162 million in the first quarter of 2008.

Year-on-year pre-tax profits were recorded at £63 million, down from £74 million in 2008.

British Land declined to comment over the rumors that the company had plans to sell some of its business.

Chris Grigg, CEO of the company, said they had £3 billion undrawn bank facilities and "now focusing on ways to add to our portfolio over the next 24 months".

Shares of British Land closed at 483p, down 13.2p.