TIDMBLND
RNS Number : 5680F
British Land Co PLC
11 July 2023
AGM tRADING UPDATE
strong operational momentum AND STRATEGIC PROGRESS
British Land is publishing an operational update ahead of the
Company's Annual General Meeting to be held at 11am today.
Simon Carter, CEO, said:
" 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. We have also
made strategic progress in life sciences and innovation, with one
of the largest lab lettings in the market and the launch of modular
lab space at Canada Water. "
Operational performance
- 552,000 sq ft of leasing across the portfolio in the first
quarter, 11.0% ahead of ERV, with a further 1.2m sq ft under offer,
15.5% ahead of ERV.
Campuses
- Occupancy remains high at 96% with 164,000 sq ft of leasing
completed, 11.4% ahead of ERV and a further 102,000 sq ft under
offer, 5.7% ahead of ERV. We have c.1m sq ft in negotiations and
have seen a noticeable uptick in viewings in the last few months as
demand continues to gravitate to best in class space.
- Secured first pre-let at The Priestley Centre, Guildford with
leading global life sciences tools company LGC, for 48,000 sq ft of
lab and office space. It is one of the largest life sciences deals
in the UK this year and takes the building to 58% pre-let, ahead of
practical completion in Q4 2023.
- 19,000 sq ft of Storey leasing, including 7,200 sq ft of
renewals with HMD Global and Masdar Offshore Wind at 2 and 4
Kingdom Street respectively.
Retail
- 387,000 sq ft of Retail leasing completed. This includes
227,000 sq ft of deals across Retail Parks,13.5% ahead of ERV, with
a further 738,000 sq ft under offer, 17.7% ahead of ERV.
- 109,000 sq ft of renewals and extensions completed on our
Retail Parks, including 14,700 sq ft and 15,000 sq ft with DFS and
Sofology at Teeside Park, and 24,000 sq ft and 20,000 sq ft with
Asda at Crown Wharf Shopping Park, Walsall and Prospect Place
Retail Park, Dartford.
- The Retail Park format continues to perform strongly, with
occupancy at 99%. Footfall is up 1% YOY and sales are up 6%
YOY.
Strategic progress
Life sciences and innovation
- Planning permission received for amendments to the Peterhouse
Western Extension, a lab enabled building at Peterhouse Technology
Park in Cambridge. Construction has now started and is expected to
complete Q1 2025.
- Planning approval secured for a new 100,000 sq ft life
sciences and innovation led scheme, to be delivered in the former
Debenhams store at SouthGate, Bath.
- We established an Innovation Advisory Council (IAC) to support
growth in life science and innovation sectors. IAC is formed of
five leading research scientists and executives, and we will
benefit from their expertise and networks as we deliver 1.9 million
sq ft of lab and innovation space.
- Memorandum of Understanding signed with University College
London to form a partnership to promote Regent's Place as a life
sciences and innovation campus in the Knowledge Quarter.
Canada Water
- 33,000 sq ft of modular lab space launched at Canada Water
with 2,200 sq ft pre-let to CheMastery, a chemical research and
manufacturing startup, with discussions ongoing for the remaining
space.
- Important milestone reached at Canada Water, with the topping
out of The Dock Shed (A2), one of the buildings in Phase 1 of the
Masterplan, which will provide a brand-new leisure centre for
Southwark alongside around 180,000 sq ft of new workspace.
London Urban Logistics
- In May, we achieved planning consent for a 120,000 sq ft
ultra-low carbon urban logistics hub at The Box in Paddington
Central and we expect to commence works in Q4 2023.
- Continue to make good progress with 2.1m sq ft of new,
multi-storey urban logistics space submitted for planning.
Committee dates for Heritage House in Enfield, Thurrock Retail
Park, Mandela Way, and Verney Road in Southwark are expected to
take place in H2 2023. We are targeting planning submission for a
last mile logistics hub at Finsbury Square in the City of London
later this year.
Balance sheet and capital recycling
- Strong liquidity, with GBP1.7bn of undrawn facilities and
cash, with no requirement to refinance until early 2026. British
Land has a senior unsecured credit rating at 'A' (Fitch) with a
stable outlook.
- Sale of 126-134 Baker Street for GBP17m.
British Land will be holding a series of events for analysts and
investors to spotlight different parts of our portfolio. The first
of these will be on 19(th) September 2023 with a focus on our
Retail Park portfolio and strategy. Details to be sent out in due
course.
-ENDS-
Investors:
Sandra Moura, British Land 07989 755 535
Media Enquiries:
Charlotte Whitley, British Land 07887 802 535
About British Land
Our portfolio of high quality UK commercial property is focused
on London Campuses and Retail & London Urban Logistics. We own
or manage a portfolio valued at GBP13.0bn (British Land share:
GBP8.9bn) as at 31 March 2023 making us one of Europe's largest
listed real estate investment companies.
We create Places People Prefer, delivering the best, most
sustainable places for our customers and communities. Our strategy
is to leverage our best in class platform and proven expertise in
development, repositioning and active management, investing behind
two key themes: Campuses and Retail & London Urban
Logistics.
Our three Campuses at Broadgate, Paddington Central and Regent's
Place are dynamic neighbourhoods, attracting growth customers and
sectors, and offering some of the best connected, highest quality
and most sustainable space in London. We are delivering our fourth
Campus at Canada Water, where we have planning consent to deliver
5m sq ft of residential, commercial, retail and community space
over 53 acres. Our Campuses account for 63% of our portfolio.
Retail & London Urban Logistics accounts for 37% of the
portfolio and is focused on retail parks which are aligned to the
growth of convenience, online and last mile fulfilment. We are
complementing this with urban logistics primarily in London,
focused on development-led opportunities.
Sustainability is embedded throughout our business. Our approach
is focused on three key pillars where British Land can create the
most benefit: Greener Spaces, making our whole portfolio net zero
carbon by 2030, Thriving Places, partnering to grow social value
and wellbeing in the communities where we operate and Responsible
Choices, advocating responsible business practices across British
Land and throughout our supply chain, and maintaining robust
governance structures.
Further details can be found on the British Land website at
www.britishland.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMMZGMNGGRGFZZ
(END) Dow Jones Newswires
July 11, 2023 02:00 ET (06:00 GMT)
British Land (LSE:BLND)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
British Land (LSE:BLND)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024