Underlying profits, however, up 3.4% to £142m in half year to end of September, driven by higher market rents

Soaring rental rates and increasing demand for office and retail space have boosted profits at the property company British Land, but rising interest rates slashed almost £200m off the value of its portfolio.

British Land, which owns sites including the Broadgate Centre in the City of London and the Paddington Central development, reported a 3.4% rise in underlying profits to £142m in the half year to the end of September.