Capital and income growth drives BL

Published:  17 May, 2016

British Land has shown continued momentum in the 12 months to 31 March 2016

The latest set of results show an underlying profit up 16.0 per cent to 363m. with a valuation uplift of 950m.

Chris Grigg, Chief Executive said: "We have delivered another strong set of results with performance underpinned by strengthening rental growth across our business. We are focusing the business around long term trends and continue to see the benefits of the investments we have made in recent years. While we are mindful of the impact of market uncertainty, our high quality portfolio, flexible development pipeline and robust financial position continue to mean that our business is both resilient and well placed for the long term."

In retail 903,000 sq ft of lettings and renewals were achieved at an average 8.0 per cent ahead of ERV; with another 343,000 sq ft under offer. During the year 169,000 sq ft of leisure extensions were completed at Whiteley and Glasgow Fort and another 168,000 sq ft of leisure extensions were consented at Drake Circus shopping centre, Plymouth and New Mersey shopping park, Speke.

420m of mature or non-core retail asset were sold, including 122m of superstores.

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