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British Land Co PLC on Wednesday reiterated its annual guidance as it reported growth in half-year profit and in portfolio and rental values. Shares in the London-based property investment firm were up 3.9% to 376.85 pence each in London on Wednesday morning. British Land said underlying profit rose 8.4% to £155 million in the six months that ended September 30 from £143 million a year prior, with underlying earnings per share of 15.4 pence, up 0.7% from 15.3p. Portfolio value increased by 1.2%, with Retail & London Urban Logistics up 1.6% and Campuses up 0.9%. Estimated rental value rose by 2.4%, with Retail & London Urban Logistics up 2.1% and Campuses up 2.6%. Net equivalent yield was stable at 6.1%. EPRA net tangible assets of 579p, were up 2.1% when compared to 567p at the end of March this year, the start of the half. Chief Executive Simon Carter said: ‘Occupational fundamentals continue to favour our prime London office campuses and retail parks. Office attendance is accelerating, retailers are expanding out of town, and supply remains very constrained across both markets.’ In retail parks, the portfolio is ‘practically full’, with 99% occupancy, British Land said, while occupancy at London campus assets increased over 500 basis pints to 88%. The company said take-up of space from artificial intelligence businesses is increasing across London and particularly in the ’Knowledge Quarter’, reflected in 11 leases to AI-led businesses since April. Looking ahead, British Land reiterated guidance for future ERV growth of 3% to 5% per annum across its portfolio. The company expects full-year underlying EPS of at least 28.5p, which would be unchanged year-on-year, with growth of at least 6% projected for financial 2027, and are ‘comfortable with current market expectations.’ Alongside this earnings outlook, CEO Carter said British Land expects going forward to deliver a total accounting return of 8% to 10% per annum, of which ‘4% was achieved in the first half’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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