REG - British Land Co PLC - City Leasing Update

British LandAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250709:nRSI2526Qa&default-theme=true

RNS Number : 2526Q  British Land Co PLC  09 July 2025

 

The British Land Company PLC ("British Land")

BRITISH LAND CITY LEASING UPDATE

Positive leasing progress at Broadgate and Norton Folgate

9 July 2025

British Land updates on an active first quarter across Broadgate and Norton
Folgate, as occupiers continue to focus their attention on best-in-class space
in core locations.

At Broadgate, leasing of new Storey space has been strong. Storey at 201
Bishopsgate, spanning 35,000 sq ft, is now fully let or under offer to 11
businesses including DocuSign and the National Institute for Health and Care
Research, in line with target pricing and at an 18% premium to traditional net
effective rents, including accounting for fit out depreciation. The recently
completed Storey space at Broadgate Tower, spanning 12,500 sq ft, is also
already 67% let or under offer within six weeks of launching.

Across the wider Broadgate campus, in the three months to 30 June 2025, there
have been 12 leasing deals spanning 48,000 sq ft, 4.1% ahead of ERV, with a
further 128,000 sq ft under offer, 8.0% ahead of ERV, including 30,000 sq ft
at 1 Finsbury Avenue. Looking ahead, 1 Broadgate will complete in July and the
office space is fully pre-let to A&O and JLL, with the exception of one
floor.

At Norton Folgate, in the three months to 30 June 2025, there have been 11
leasing deals totalling £3.0m of rent, representing around a quarter of the
space remaining. £2.1m of this is additional to the £14.6m of rent reported
at year end results, demonstrating strong leasing momentum. New occupiers
include Metaview, Hoxton Wealth and StackAdapt at average headline rents of
£85 psf.

This leasing activity takes Norton Folgate to 64% let or under offer, rising
to 77% when including leases in negotiations.  The property remains on track
to be fully let by the end of the financial year.

Nearby at Aldgate Place: Phase 2, our build-to-rent scheme The Alma, is now
50% let. Leasing velocity has picked up significantly in May and June and is
expected to continue through to the Autumn.

Kelly Cleveland, Head of Real Estate at British Land said: "Leasing momentum
at our City assets has continued into the new financial year due to the
strength of demand and acute lack of supply in this part of London.

Both Storey and Norton Folgate provide exceptional space, with a vibrant
environment that appeals to smaller, fast paced, innovative businesses, with a
focus on brand and culture. These businesses typically take decisions at
speed, and both spaces provide a range of options for them to move into
quickly."

 

-ENDS-

 

Investors

 

Jonty McNuff, British Land
 
07931 684 272

 

Media

 

Charlotte Whitley, British
Land
        07887 802 535

 

About British Land

British Land is a UK commercial property company focused on real estate
sectors with the strongest operational fundamentals: London campuses, retail
parks, and London urban logistics. We own or manage a portfolio valued at
£14.6bn (British Land share: £9.5bn) as at 31 March 2025.

Our purpose is to create and manage Places People Prefer - outstanding places
that deliver positive outcomes for all our stakeholders on a long term,
sustainable basis. We do this by leveraging our best-in-class platform and
proven expertise in development, repositioning and active asset management.

We have both a responsibility and an opportunity to manage our business in an
environmentally and socially responsible manner. Our approach to
sustainability is focused on three pillars: Greener Spaces, Thriving Places
and Responsible Choices.

Read more about us at www.britishland.com (http://www.britishland.com) .

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEAKXPESNSEFA