Business Update.
British Land is publishing an update ahead of its Half Year results on 13 November 2023.
Simon Carter, CEO, said:
"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. 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'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."
Operational performance
Achieved 1.2m sq ft of leasing across the portfolio in the first 5 months to 31 August 2023, 13.1% ahead of ERV, with a further 1.1m sq ft under offer, 17.4% ahead of ERV.
Campuses
- 262,000 sq ft of leasing completed 8.2% ahead of ERV, including 64,000 sq ft of Storey leasing, and a further 137,000 sq ft under offer, 10.5% ahead of ERV. In addition, we have 1.7m sq ft in negotiations as demand continues to gravitate to best in class space.
- Meta surrender of 1 Triton Square - one of the two buildings it has leased at Regent's Place - for £149m, received on 25 September 2023. Although this will result in a EPS dilution, post interest savings, of c.0.6p for the six months to March FY24 we are comfortable with current market expectations for FY24 due to better collection of historic COVID arrears than anticipated.
- Secured one of the UK's largest life science lettings this year, 48,000 sq ft of lab and office space at the Priestley Centre, Guildford to LGC, a leading global life science company.
https://www.investegate.co.uk/announcem ... te/7777237Ian (No holding).