British Land Delivers Resilient Results in Tough Market

LONDON - British Land, the UK property investment company, today announced its preliminary results for the year to 31 March 2009.

In a video interview new CEO Chris Grigg described the results as “resilient”.

“We saw underlying profits at GBP268m, which I think is a very strong performance under the circumstances.”

While admitting that the market place was tough, Mr Grigg emphasised British Land was well placed to continue to deliver a strong performance relative to the property sector.

He pointed out that British Land’s out performance was underpinned by high occupancy rates at 96%, upward only rent reviews and few leases coming up for renewal.

“We only have 6% of our leases falling due for renewal during the course of the next three years. I draw a lot of comfort from that.”

As new CEO Mr Grigg has completed a review of the business and doesn’t expect to make any fundamental changes to management or strategy.

The interview and transcript are available now on w3.cantos.com/british_land.

It’s free to view. All you need to do is register at www.cantos.com. Cantos.com, the online financial broadcaster, features in-depth interviews, documentaries and webcasts with senior company executives. If you would like to contact us, please email enquiries@cantos.com or phone +44-207-936-1333.

Source: British Land Company

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