UK's Land Securities NAV rises on higher commercial space demand

(Reuters) - Land Securities Group Plc, Britain's largest listed property developer, reported a 20 percent rise in half-year adjusted net asset value from a year earlier, helped by buoyant demand for its commercial spaces.

The builder of London's "Walkie Talkie" skyscraper said adjusted net asset value - a key measure for developers - was 1,129 pence for the first half ended Sept. 30. The company posted an adjusted NAV of 937 pence a year earlier.

From the second half of last year, the adjusted NAV grew 11.5 percent, the company said.

"Extraordinary events aside, we do not expect to see a correction in the balance between supply and demand in London as we deliver our committed speculative schemes," Chief Executive Robert Noel said in a statement.

(Reporting by Esha Vaish and Abhiram Nandakumar in Bangalore; Editing by Gopakumar Warrier)