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British Land's (BLND) results could have been worse. Analysts had been worrying about the commercial landlord's retail exposure - shops make up three-fifths of its portfolio - but valuations in most sectors proved surprisingly robust. Superstores were marked up 0.5 per cent thanks to fixed rental uplifts, and the sale of half of Meadowhall to the Norwegian Sovereign Wealth fund at a heroic valuation helped offset falling rents in the shopping centre portfolio. Overall, the group's UK retail arm was marked down by 1 per cent, the notable drag being retail parks.