STRONG growth in profits and earnings is being achieved by Mr John Bitblat's British Land property group, which owns substantial City of London office blocks, food superstores throughout Britain and more than £100 million worth of property assets in Ireland.
Although valuations of property assets are only made at the year-end, Irish property interests are in British Land's books at just over £100 million and these Irish assets have been fully hedged into sterling to avoid exposure to the pound.
Commenting on the group's Irish operations, Mr Ritblat, said that "the development programme is proceeding well. We are building a 43,000 sq ft retail extension to the St Stephen's Green Shopping Centre in Dublin and negotiations are well advanced with potential tenants.
"The extension will also incorporate a new 113 room hotel - The Inn on the Green - which as been pre-sold to the Fitzwilliam Hotel Group."
At the International Financial Services Centre, Mr Ritblat said the group's joint venture company with Hardwicke had recently completed four office blocks totalling 135,000 sq ft.
Two further office blocks are under construction, one of 58,000 sq ft, the other of 51,000 sq ft, are expected to be completed late next year.
In addition, Mr Ritblat said that a 234-room hotel was completed at the IFSC and sold for an undisclosed sum in September. A car park for 400 cars has been completed and is being offered for sale. First half pre-tax profits increased 81 per cent to £34 million leading to 64 per cent growth in fully diluted earnings to 6.1p per share.