19th Jan 2016 07:19
LONDON (Alliance News) - Property developer British Land Co PLC on Tuesday said it had a solid third quarter and said it will edge up its dividend payout, as the office and retail property markets in the UK remained strong.
The FTSE 100-listed group said it secured 312,000 square feet of leasing activity in its retail and offices portfolios in the quarter to the end of December, with these leases secured at an average of 8.5% ahead of the estimated rental value of the properties at the end of September.
The group said its developments are progressing well, with the Leadenhall Building in the City of London, known as the Cheesegrater, now 94% let or under offer. The group also has submitted a revised planning application for its Broadgate Circle office development near Liverpool Street Station and said it is progressing to stage two of its Paddington Central development.
British Land will pay a quarterly dividend of 7.09 pence per share, up 2.5% year-on-year.
"We had another strong quarter: our occupational markets remained robust and we continued to be active in the investment markets," said Chris Grigg, British Land's chief executive.
"Looking forward, while we are mindful that the economic and political outlook is clearly more uncertain since the half year, we are confident in the underlying strength of our business," Grigg added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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