British Land backs outlook amid office campus and retail park demand

(Alliance News) - British Land Co PLC on Wednesday confirmed its full-year earnings guidance, noting strong "occupational fundamentals" across its London campuses and retail parks.

The London-based property developer expects to deliver at least 28.5 pence underlying earnings per share for financial 2026, which would be unchanged year-on-year, with growth of at least 6% expected for the following year to 30.2p.

Chief Executive Simon Carter said British Land continued to build on the leasing momentum seen in the first half of the financial year, delivering 882,000 square feet of leasing across 151 deals, 8.5% ahead of estimated rental value, and 10.2% ahead of previous passing rent.

"Strong occupational fundamentals across our London campuses and retail parks are driving deals ahead of previous passing rent and supporting the lease up of our developments," he added.

Within its campus portfolio, Carter said demand from science and technology occupiers continues to accelerate while in retail parks, performance remains strong.

British Land said retail park occupancy was at 99%, with footfall up 2.2% year on year in the quarter.

Shares in British Land were unchanged at 405.40p in London on Wednesday morning.

By Jeremy Cutler, Alliance News reporter

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