The group's latest result followed a loss of 565 million pounds a year earlier. Net rental income fell 20% to 101 million pounds. The results were broadly in line with market expectations. BLND 484.70, -12.40, -2.50% 1,000800600400200 SON09FMAMJJA "Over the recent months we have seen a clear improvement in the levels of interest for assets with long, secure income, and amongst these types of assets, even renewed bidding competition," said CEO Chris Grigg. British Land (UK:BLND 484.70, -12.40, -2.50%) said the value of its portfolio fell 3.7% over the course of the quarter, but added that around 1.7 billion pounds, or 21%, of its portfolio has increased in value since the end of March, with a further 1.5 billion pounds having remained steady. Grigg said that in particular the real estate investment trust's superstore portfolio had seen good valuations. "Although still very much from a low base, the increased willingness of a small number of banks to lend against property assets, albeit on a selective basis, is another indicator of returning confidence," he added. However, Grigg reportedly played down speculation that the group could be a takeover target and highlighted the potential for real estate acquisition in the current weak markets. He said on a conference call that the group has significant undrawn credit facilities of around 3 billion pounds, according to a Reuters report. Shares in the group dropped 2.4% in London.

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