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(Alliance News) - British Land Co PLC on Tuesday said it is seeing "strong operational momentum in the business", with good leasing activity, despite uncertainty in the wider economy.
The London-based commercial property development and investment company is holding its annual general meeting on Tuesday.
British Land said it leased 552,000 square feet of space in the first quarter and 11% ahead of estimated rental value, with 1.2 million square feet under offer at 16% ahead of ERV.
The firm said office campus occupancy was at 96%, with 164,000 square feet of leasing completed in the recent quarter at 11% ahead of ERV, with 102,000 square feet under offer at 5.7% ahead of ERV.
It hassecured a pre-let at the Priestley Centre in Guildford with LGC Standards Ltd, for 48,000 square feet of lab and office space, bringing the building to 58% pre-let ahead of practical completion in the fourth quarter.
Meanwhile, in retail, the firm has completed 387,000 square feet of leasing, including 227,000 square feet of deals across retail parks at 14% ahead of ERV. A further 738,000 square feet are under offer at 18% ahead of ERV.
The firm said the retail park format is "performing strongly", with occupancy at 99% and footfall up 1% compared to a year ago.
Chief Executive Simon Carter will tell the AGM: "We continue to see strong operational momentum in the business, despite ongoing macroeconomic uncertainty, with good leasing activity reflecting our focus on execution and the exceptional quality of our portfolio.
"Campuses are benefiting from the trend towards best-in-class space, while retail parks continue to be the winning retail format given their affordability, omni-channel compatibility and low capex requirements."
The company said it has GBP1.7 billion in undrawn bank facilities and cash, with no requirement to refinance until early 2026.
British Land shares were up 1.7% to 308.30 pence each on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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