REG - British Land Co PLC - Q3 Trading Update

British LandAnnouncement

21/01/2026 07:00

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RNS Number : 6773P  British Land Co PLC  21 January 2026

The British Land Company plc

Q3 trading update

Strong leasing momentum supports earnings outlook

 

21 January 2026

British Land releases a trading update for the three months to 31 December
2025.

Simon Carter, Chief Executive, said: "In the third quarter we continued to
build on the leasing momentum we saw in the first half, delivering 882,000 sq
ft of leasing across 151 deals, 8.5% ahead of ERV, and 10.2% ahead of previous
passing rent. Strong occupational fundamentals across our London campuses and
retail parks are driving deals ahead of previous passing rent and supporting
the lease up of our developments.

"Within our campus portfolio, demand from Science & Technology occupiers
continues to accelerate and we are pleased to have completed 63,000 sq ft of
lettings at One Triton Square, with a further 166,000 sq ft under offer. In
retail parks, performance remains strong, with 383,000 sq ft of deals ahead of
previous passing rents and continued growth in footfall.

"After another good quarter and encouraging start to the fourth quarter, we
reiterate our expectation to deliver at least 28.5p underlying earnings per
share for FY26, with growth of at least 6% expected for FY27 (30.2p)."

Operational performance

−    British Land completed 882,000 sq ft of leasing across the portfolio
in the three months to 31 December 2025.

−    Deals were 8.5% ahead of ERV and 10.2% ahead of previous passing
rent.

−    A further 1.8m sq ft is under offer, 8.1% ahead of ERV and 14.6%
ahead of previous passing rent.

Campuses

−    380,000 sq ft of leasing across 61 deals, 6.6% ahead of ERV and
19.6% ahead of previous passing rent. A further 1.1m sq ft is under offer,
5.5% ahead of ERV.

−    Including deals signed post period end, 63,000 sq ft of leasing is
now completed or exchanged at One Triton Square. New occupiers include a range
of biopharmaceutical, healthcare and technology companies, with continued
strong demand from these high-growth sectors. There is a further 166,000 sq ft
of space under offer and the building as a whole is now 72% let or under offer
by floor area.

−    British Land will also be joining the Regent's Place campus in the
summer as it relocates its head office from York House to 20 Triton Street. An
occupier has signed a new lease for the space to be vacated at York House.

−    Broadgate continues to perform well with 178,000 sq ft of leasing in
the quarter and a further 806,000 sq ft under offer. This includes several
lease renewals as occupiers prioritise high-quality, well-located buildings
that can meet modern performance and amenity standards, against a constrained
supply backdrop in the City.

Retail

−    502,000 sq ft of leasing across 90 deals, including 383,000 sq ft on
retail parks, 12.0% ahead of ERV, with a further 727,000 sq ft under offer,
12.5% ahead of ERV.

−    With the retail park portfolio now largely rack rented and the high
levels of occupancy, deals completed in the period were 4.7% ahead of previous
passing rent, with under offers 5.4% ahead of previous passing rent.

−    The retail park format continues to perform strongly, with occupancy
at 99% and footfall up 2.2% year on year.

 

-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 and
retail parks. We own or manage a portfolio valued at £15.2bn (British Land
share: £9.8bn) as at 30 September 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) .

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