British Land turns cautious on property development

Nov 16 (Reuters) - British Land Company Plc said it expects to proceed more cautiously with development as uncertainty following the country's vote to leave the European Union (KSE: 000910.KS - news) hit the value of its portfolio of retail and office property in the first half.

Britain's 900 billion pound ($1.1 trillion) commercial property market was one of the biggest victims of the turmoil that followed the referendum and at one point commercial property funds worth over 18 billion pounds were suspended.

British Land (LSE: BLND.L - news) , the developer of the London tower known as the "Cheesegrater", said office occupiers were showing more signs of caution.

Britain's second biggest property developer said its speculative development commitment remains modest at 5 percent.

The company said its net asset value (NAV) fell 3 percent to 891 pence per share in the six months ended Sept. 30.

Rival Land Securities Group Plc reported a 1.8 percent drop in six-month adjusted diluted NAV on Tuesday and said the decline was less than the fall in the wider market. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)