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
AI-boosted office demand drives British Land to stronger profits
British Land’s office campuses business has benefited from deals with new AI-linked tenants, such as Claude parent firm Anthropic.
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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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