27th Jan 2015 07:35
LONDON (Alliance News) - British Land Co PLC on Tuesday said it experienced a strong third quarter, with a good occupational performance in its retail and offices portfolio and robust rental growth.
The FTSE 100-listed property company said it secured 269,000 square foot of retail lettings and renewals in the quarter, with investment lettings and renewals in the period 10.9% ahead of estimated rental value.
Retail footfall was up 1.3% in the quarter, with retailer same-store sales in its properties rising 4.4%.
Rental growth in its office business was more subdued, the company said. It secured 168,000 square foot of lettings and renewals in the quarter, with lettings and renewals coming in 0.4% ahead of estimated rental value.
The group has completed GBP900 million in asset sales in the year to date, including residential sales.
British Land also confirmed its third quarter dividend at 6.92 pence per share, up 2.5% on last year.
"It's been another good period for our business: we are leasing well, making progress with developments and have continued to take advantage of strong investment markets to recycle capital," said British Land Chief Executive Chris Grigg.
By Sam Unsted; [email protected]; @SamUAtAlliance
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