REG - British Land Co PLC - Upgraded Guidance for Retail Parks

British LandAnnouncement

19/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230919:nRSS8358Ma&default-theme=true

RNS Number : 8358M  British Land Co PLC  19 September 2023

Retail Park Asset Tour

British land upgradeS guidance for retail parks

 

Today, British Land will host an asset tour for investors and analysts at
Nugent Shopping Park in Orpington.

The event will consist of a presentation from senior management, providing
more detail on our strategy for retail parks, the occupational dynamics and
investment landscape as well as a tour of the site.

We are the UK's largest owner and operator of retail parks with 8% of the
market. Retail parks are the preferred format for a wide range of customers
due to the format's affordability, convenience, and omni-channel
compatibility. This, combined with limited new supply due to planning
constraints, small lot sizes, and market values below replacement costs make
retail parks an attractive and liquid investment in the direct market.

Strong demand and limited supply, combined with our scale and focus on
operational execution is keeping occupancy at 99% and is giving us strong
pricing power. We continue to see significant leasing momentum across our
retail parks, and in the 5 months to 30 August have leased 511,000 sq ft,
15.3% above of ERV, with 677,000 sq ft under offer at 19.4% above ERV. Key
deals include:

-      Five deals with Frasers Group, including Sports Direct doubling in
size to 21,000 sq ft and 24,000 sq ft at Teesside Park and Wheatley Retail
Park, Doncaster respectively and a new 13,000 sq ft letting to FLANNELS at
Teesside Park

-      A 23,000 sq ft letting to fashion retailer Primark at Glasgow Fort

-      A 43,000 sq ft letting with value retailer B&M at Teesside
Park

Given we continue to lease significantly above ERV we are upgrading our retail
park ERV growth guidance for FY2024 from 2-4% to 3-5%.

Presentation materials will be available on our website at www.britishland.com
(http://www.britishland.com) .

 

 

-ENDS-

 

 

Investors:

Sandra Moura, British Land
                                         07989 755 535

Media Enquiries:

Charlotte Whitley, British
Land
07887 802 535

 

About British Land

Our portfolio of high quality UK commercial property is focused on London
Campuses and Retail & London Urban Logistics. We own or manage a portfolio
valued at £13.0bn (British Land share: £8.9bn) as at 31 March 2023 making us
one of Europe's largest listed real estate investment companies.

We create Places People Prefer, delivering the best, most sustainable places
for our customers and communities. Our strategy is to leverage our best in
class platform and proven expertise in development, repositioning and active
management, investing behind two key themes: Campuses and Retail & London
Urban Logistics.

Our three Campuses at Broadgate, Paddington Central and Regent's Place are
dynamic neighbourhoods, attracting growth customers and sectors, and offering
some of the best connected, highest quality and most sustainable space in
London. We are delivering our fourth Campus at Canada Water, where we have
planning consent to deliver 5m sq ft of residential, commercial, retail and
community space over 53 acres. Our Campuses account for 63% of our portfolio.

Retail & London Urban Logistics accounts for 37% of the portfolio and is
focused on retail parks which are aligned to the growth of convenience, online
and last mile fulfilment. We are complementing this with urban logistics
primarily in London, focused on development-led opportunities.

Sustainability is embedded throughout our business. Our approach is focused on
three key pillars where British Land can create the most benefit: Greener
Spaces, making our whole portfolio net zero carbon by 2030, Thriving Places,
partnering to grow social value and wellbeing in the communities where we
operate and Responsible Choices, advocating responsible business practices
across British Land and throughout our supply chain, and maintaining robust
governance structures.

Further details can be found on the British Land website 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  MSCSFSFUAEDSEDU