Whiteley Shopping Centre Owner British Land Says Full Retail Parks and AI Office Demand Have Boosted Profits
Underlying profits rose 5% to £294 million as full retail parks and AI-linked office deals lifted earnings, the FTSE 100 firm said.
- British Land reported a 5% increase in underlying profits to £294 million for the year to March, surpassing analyst forecasts as demand for office space from AI-linked sectors grew.
- Strong take-up for central London offices reached its highest level in 20 years, while retail parks including Fort Kinnaird in Edinburgh and Whiteley in Hampshire maintained 99% occupancy.
- New AI-linked tenants, including Claude parent firm Anthropic, bolstered the group's office campuses; leasing activity in London accounted for 33% of reported deals in the fourth quarter.
- Shares in the company ticked higher in early trading on Wednesday following the announcement, as investor confidence grew after profit forecast revisions last month.
- Simon Carter, chief executive, stated that "occupational fundamentals are as strong as I have seen them," though the group navigates geopolitical and interest rate uncertainty.
12 Articles
12 Articles
British Land Warns On Geopolitical Risk But Says London Office Leasing Will Hold Up
British offices are full again, at least according to British Land CEO Simon Carter, as the REIT declared the long-running debate over the impact of working from home effectively finished. It reported another year of strong demand across its London campuses and retail parks, with technology and artificial intelligence occupiers driving a fresh leasing wave. Underlying profit for the year to March came in at £294M, slightly ahead of analyst expe…
British Land: Return to office debate is over
British Land has declared the debate over returning to the office “over,” as it prepares to capitalise on constrained supply and a “wave of demand” for commercial property from AI firms. The FTSE 100 property developer saw its profit before tax jump by 32 per cent to £450m in the year to March, as the value of its portfolio grew by two per cent to £10bn. Chief executive Simon Carter said: “Across London the return to the office debate is over …
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