British Land makes resilient start to the year

Real estate investors British Land has made a "resilient" start to the year, despite weak financial markets and economic slowdown.

In a statement, the firm said it expects earnings for the first quarter to be ahead of the 14p a share in the previous quarter, with a dividend of 9.4p a share likely, equating to a seven per cent rise on 2007.

Chairman Chris Gibson-Smith said: "British Land has made a resilient start to the financial year.

"Increasing investor interest in UK commercial property at these lower pricing levels is evident, but still patchy."

During the quarter, sales totalling £669 million were realised, including the £400 million sale of the Willis building.

The firm delivered 352,000 square feet of new lettings, 87 per cent of which was retail space and the remaining 13 per cent office.

British Land's primary objective is to produce sustained and long-term shareholder returns by focusing in actively adding value to real estate through portfolio selection, intense asset management, development, entrepreneurial deal-doing and financing.

It owns or manages real estate valued at £18 billion.

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