Commercial mortgage sector reports good news

17 November 2009

Written by Jeni Browne

The latest financial update from commercial property firm British Land could be a sign that other firms with business mortgages are set to see improvements in the not-too-distant future.

British Land - one of the UK's largest property owners - has posted a 1.4 per cent increase in the value of its property during the second quarter of 2009.

In a statement published today (November 17th), it said has been "chartering a course through the worst storm in real estate history", but has now recorded the first quarterly rise in the value of its portfolio in over two years.

One of the major assets the company holds is a 50 per cent stake in the Meadowhall shopping centre close to Sheffield, South Yorkshire.

In comments that could be taken as advice by future commercial mortgage holders, British Land chairman Chris Gibson-Smith said: "The next few years will be a market for the professional investor and operator, where long lasting success comes from a profound understanding of property economics and drivers and high execution capabilities."

Earlier this month, the company announced that Stephen Smith and Charles Maudsley will become executive directors with the firm early next year.

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