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(Alliance News) - British Land Co PLC on Tuesday said it achieved leasing across the portfolio over a five-month period 13% ahead of estimated recovery value.
In the five months that ended August 13, the London-based commercial property developer and investor said it achieved 1.2 million square feet of leasing across the portfolio, 13% ahead of ERV, with a further 1.1m square feet under offer, 17% ahead of ERV.
In Campuses, 262,000 square feet of leasing was completed, 8.2% ahead of ERV, including 64,000 square feet of Storey leasing and a further 137,000 square feet under offer, 11% ahead of ERV.
This is alongside 1.7 million square feet under negotiations "as demand continues to gravitate to best in class space", British Land said.
In Retail, 980,000 square feet of leasing was completed, 15% ahead of ERV, with a further 951,000 square feet under offer, 19% ahead of ERV. This included 511,000 square feet of deals across Retail Parks, 15% ahead of ERV and 677,000 square feet under offer at 19% above ERV.
British Land upgraded its Retail Park ERV growth guidance for its financial 2024 to between 3% and 5% from 2% to 4%.
"I am pleased with the continued momentum in the business. Operationally we are seeing strong leasing activity which reflects the exceptional quality of our portfolio and has resulted in our recent upgrade of the expected ERV growth in retail parks," said Chief Executive Officer Simon Carter.
"We have also strengthened our balance sheet in the period and continue to actively recycle capital with the disposal of non-core assets ahead of book value. Meta [Platform Inc]'s surrender of our building at 1 Triton Square also enables us to accelerate our plans to reposition Regent's Place as London's premier Innovation and Life Sciences campus."
Shares in British Land were up 1.0% to 319.20 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News reporter
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