British Land has reported that profit before tax rose 10% to £171m in the six months to the end of September.
The property developer said its total portfolio valuation had risen 4.7%, with developments rising 8.5% and standing investments up 4.5%.
Chris Grigg, Chief Executive at British Land, said: “In recent years we have positioned our portfolio to benefit from long-term macro trends.
“This focus has underpinned our performance in the last six months where we have benefited from strong occupational demand and a sound UK economy.
“Moreover, our high quality portfolio and attractive and flexible development opportunities, position us well for the future.”
The firm invested £172m in London and the South East, including the acquisition of One Sheldon Square in Paddington Central.
British Land also said net assets now stand at £9.3bn, and 8% improvement on last year’s figure.
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