SHARES in the British Land property combine rose 12p to 419p after upbeat comment from the chairman, Mr John Ritblatt, on growth prospects for the group's property investments in Britain and Ireland.
"We believe that the property segments in which we have invested, now principally the UK and Ireland, offer good prospects for future growth of which there bare encouraging signs," said Mr Ritblatt, commenting on the group's 1995-96 financial results.
Net assets per share rose 2.2 per cent from 417p to 426p in the year to March 31st reflecting a 1.9 per cent revaluation of the "property portfolio to £4.4 billion."
The value of the group's retail investments in the St Stephen's Green Shopping Centre in Dublin and the Swan Centre in Rathmines increased by around 5 per cent. Overall, full year profits rose 26 per cent to £62 million leading to 33 per cent growth in earnings per share to 11.2p and total dividend payments up 5.3 per cent at 8.55p.
Profits are continuing to be generated from the group's involvement in creating the International Financial Services Centre in Dublin in partnership with Hardwick Limited.
So far, buildings providing 500,000 sq ft of office space have been completed, occupied and profitably sold and a 234 bedroom hotel has been pre sold to Jurys Hotels ahead of its opening in September. Four further buildings with total 130,00 sq ft space will yield further profit when completed by the end of this year.
Two have already been pre sold to occupiers and there are agreements for leasing the other two. Four more office buildings totalling 160,000 sq ft are currently under construction.
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