16th Jul 2014 08:01
LONDON (Alliance News) - Property investors British Land PLC Wednesday said it has made a good start to the new financial year, with a number of lettings during the quarter to June 30 as it remained active in the market.
The London-based property developer and investor said it signed 334,000 square feet of retail lettings and renewals during the quarter, as retail occupancy across its portfolio rose 10 basis points to 98.6%. In addition, 112,000 square feet of office lettings and renewals were completed.
British Land said 30 Brock Street at Regents Place, London is now fully let or under offer following 21,3000 square feet of lettings during the period. The company also recently let 13,600 square feet at the Leadenhall Building, dubbed the 'Cheese Grater'. British Land said letting interest remains high at the London skyscraper.
The company also said its recently completed shopping centre in Hereford is now 96% let and trading ahead of expectations, while at Broadgate Circle in the City of London, 50% of the site is now pre-let or under offer.
British Land said it has taken advantage of investment market strength to reshape its retail portfolio. Since the start of the financial year it said it has made GBP115 million worth of retail disposals in the UK including the GBP72 million sale of Leamington Shopping Park. British Land's share from the sale was GBP22 million.
"The occupational and investment markets in London and retail continue to strengthen, while our own actions are also driving a strong performance," Chief Executive Chris Gregg said in a statement. "In Retail, we've signed a range of attractive leasing deals across our portfolio and the improving investment market has enabled us to continue to make selected retail sales at prices ahead of valuation."
British Land shares were quoted up 1.4% at 701.000 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
British Land