British Land Secures GBP54 Million In Future Rent For Project Pipeline

(Alliance News) - British Land Co PLC on Wednesday said it has now secured GBP54 million in future rent for its committed development pipeline, following leases signed at office and retail building 100 Liverpool Street, London.

Bank of Montreal has committed to lease 60,000 square feet of 100 Liverpool Street, located in Liverpool Street station, and Sumitomo Mitsui Banking Corp Europe Ltd has committed to another 22,000 square feet, lifting its total occupation to 184,000 square feet.

With these deals, British Land said its committed development pipeline is now 85% let or under offer, equating to GBP54 million worth of future rent. It said its development pipeline is expected to delivery future development profit of about GBP300 million.

The company owns a portfolio of locations - including at Broadgate and Canada Water in London, as well as at Meadowhall in Sheffield.

In the five months to August, British Land's retail leasing activity has totalled 500,000 square feet, producing GBP7.2 million of headline rent and keeping occupancy high at 97%. Deals were, on average, 3% above estimated rental value and a 2% premium to prior passing rent.

The firm said it has beaten operational benchmarks in the three months ended June as like-for-like retail sales rose 1.1% - 520 basis points above the benchmark. Footfall was more or less stable at negative 0.2%, 420 points ahead of the benchmark.

Shares in British Land were down 0.4% at 560.20 pence in London on Wednesday morning.

British Land