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Reduced losses at British Land spark further hopes of UK commercial property recovery

Reduced losses at British Land spark further hopes of UK commercial property recovery

Signs of better return from commercial property, increased investment interest and a slow-down in losses at real estate developers British Land have sparked further hopes of recovery.

British Land claim that total losses now stand at ┬ú275m in the second quarter of 2009, which compared with last year’s Q1 figure of ┬ú572m is a significant reduction.

In addition, claims are emerging that a small number of banks are starting to show increased willingness to lend to commercial property companies.

A report by The Times states that the group’s retail outlets – currently let to stores such as Sainsbury’s and Debenhams – are performing better than office space, which is mostly let to banks. The group’s retail sites are 97.6% occupied, compared with 87.9% for offices.

Speaking to The Times, chief executive of British Land Chris Grigg said:

“We’re cheered by the fact that decline has slowed, but don’t think that we should get ahead of ourselves,” He added: “We are now focusing on looking at ways to add profitably to the portfolio.”

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Author: | August 18, 2009 | 0 Comments

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