City 'still prime property spot'

JOHN Ritblat, the 66-year-old long-serving chairman of British Land, the UK's third-largest property company, says there is still a premium for prime space in the City.

He is not concerned about the rival attractions of Canary Wharf because he believes it is helping to ensure London remains the financial capital of Europe.

But the City is still the prime area for international finance groups. Last month Ritblat did one of his biggest deals in the Square Mile by pre-letting Plantation House to Accenture, formerly Andersen Consulting, for £20m a year.

Although net asset value increased by only 1.4% in the six months to September, it did better than its peers. Net rents rose 6.5% to £230.9m, though pretax profits slipped to £80m from last year's £84.5m, which included £15.3m from the sale of property group Liberty.

The interim dividend is up 5.6% to 3.8p.