Property giant British Land Co. posted a net income of 161 million pounds for the second quarter ended September 30, against a loss of 747 million pounds in the year ago period.

London-based British Land said it witnessed an increase of 3.1 per cent in its net asset value to 372p-a-share. Total value of company’s properties gained 1.4 per cent to 5.5 billion pounds during the second quarter. It was the first rise since June 2007.

British Land also announced its plans to invest £2.5 billion in properties.

Nevertheless, Company’s CEO Chris Grigg said, “Whilst there have been encouraging signs in the market in recent months, it is not yet clear that all sectors of the market have stabilized.” Earlier in September, the property giant sold off its Broadgate office development to Blackstone Group in order to slash its debt pile.

Shares in British Land plunged 1.2 per cent to 497.3p-a-share in early London trading.