18th Jul 2016 06:18
LONDON (Alliance News) - Commercial property investor British Land Co PLC on Monday said that, while too early to assess the impact the UK's vote to leave the European Union will have on property markets in the UK, it does anticipates some extra caution from occupiers and investors.
The FTSE 100-listed group said that, in the first quarter to the end of June, it secured 256,000 square feet of retail lettings and renewals. Retail footfall in its properties was flat in the quarter, it said. Office lettings and renewals in the quarter totalled 25,000 square feet.
In the quarter, British Land agreed the sale of the Debenhams flagship store on Oxford Street in Central London for GBP400.0 million, part of GBP499.0 million worth of disposals made in the quarter. The sale, to an unnamed private investor, was announced earlier this month.
British Land said its occupancy rate is at 99% and confirmed its dividend for the first quarter of 7.30 pence per share, 3.0% higher year-on-year.
Chris Grigg, British Land's chief executive, said the company had a "good quarter of activity" in the run-up to the UK's EU referendum. "It is too early to properly assess the impact of the referendum result on the markets in which we operate but we do expect some occupiers and investors to take a more cautious approach," he said.
"British Land has entered this period of post-referendum uncertainty in a robust position. We have a strong, resilient business with a clear strategy," Grigg added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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