|
British Land Co PLC on Tuesday reported a good start to the financial year with demand in both of its core markets of office campuses and retail parks remaining strong. The London-based property development and investment company said leasing momentum has continued into the first quarter, with 567,000 square foot of leasing completed, 4.8% ahead of estimated rental value and 8.7% ahead of previous passing rent. A further 1.1 million square feet is under offer, 6.8% ahead of ERV and 16% ahead of previous passing rent, the firm added. ‘The continued momentum across British Land’s core markets reinforces confidence in the outlook for the business,’ the company said in a statement ahead of its annual general meeting on Tuesday. Reflecting this, British Land reiterated guidance for underlying earnings per share of at least 30.5 pence for financial 2027, underpinned by like-for-like net rental growth at the top end of its 3% to 5% target range. The firm expects 3% to 5% ERV growth across the portfolio. In the financial year ended March 31, British Land reported underlying earnings per share of 28.9p. Outgoing Chief Executive Simon Carter said: ‘We have started the year well, with momentum continuing from the end of our last financial year. Both of our core markets remain strong. Demand continues to outstrip supply across campuses and retail parks, leasing remains ahead of previous passing rents, and forward indicators give us confidence that these favourable market conditions will persist.’ Carter will leave British Land on August 31, with his successor Joanne McNamara joining on September 14. Shares in British Land were down 1.5% to 416.20p each in London on Tuesday morning. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
