London, UK (PRWEB) February 13, 2010
British property companies in the FTSE 100 were performing well on Tuesday afternoon with Land Securities, the largest commercial property company in the UK, up 12.5p or 2.01% to 634.5p and British Land, the second largest, up 8.2% or 1.87% to 446.3p, reports shareprices.com, a free online resource providing share information on all ftse100, 250 and 350 London Stock Exchange listed companies.
An increase in the monthly house price balance from the Royal Institution of Chartered Surveyors (RICS) also pointed towards a better economic outlook in Britain.
The two companies own almost 50 million square feet of commercial property in the UK but both have recently announced that, in an effort to clear outstanding debts, they are looking to sell hundreds of millions of pounds worth of property.
British Land, for example, reportedly has around £1 billion to invest after selling shares and assets, including a 50% stake in the Meadowhall Shopping Centre in Sheffield. The company said that net income during the last three months of 2009 was £623 million, or 72p a share, a significant improvement on the loss of £1.59 billion, or 257p a share, reported in the same period of 2008. British Land also owns 50% of the Broadgate office complex in the City of London, but generally specialises in large out-of-town warehouses for the likes of Asda, Currys and Next; the company reported "strong" valuation growth across all of its various property types.
Land Securities is also in the process of selling its 33% stake in the Bullring Shopping Centre in Birmingham, worth £200 million, to an Australian fund.
Overall, the FTSE 100 index closed up 19.51 points or 0.4% at 5,111.84 after hitting 5,132.93 at one stage.
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