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British Land Company Operational Update & Investor Day

Investor Day

British Land Company PLC (LON:BLND) is today hosting an event for institutional investors and analysts at Storey Club, Paddington Central. The event will include presentations from senior management and updates from across the business. Presentation materials will be made available on our website britishland.com/investors from noon on 18 September 2019.  

The event will not be webcast live, but a video replay of the formal presentations will be made available on britishland.com/investors as soon as practical afterwards.

The event will also include breakout sessions covering: Canada Water, Storey, development leasing and an update on the Retail market. These breakout sessions are not being filmed and replays will not be available.

No material new information will be disclosed during the event.

 Operational Update

To coincide with the event, British Land provides updates on a range of key operational statistics for the period since 1 April 2019.

Further strong progress on Campus Leasing

At 100 Liverpool Street, Bank of Montreal have committed to 60,000 sq ft. SMBCE have committed to a further 22,000 sq ft, taking their total occupation to 184,000 sq ft. Our committed development pipeline is now 85% let or under offer, securing £54m of future rent.

Including the near term pipeline of 866,000 sq ft, comprising 1-2 Broadgate and Norton Folgate, we expect our development pipeline to deliver future development profits of c.£300 million.

Continued good performance in a challenging Retail market 

Retail leasing activity for the 5 months to August 2019 has totalled 500,000 sq ft, generating headline rents of £7.2 million, maintaining high occupancy of 97%. On average, deals were 3% ahead of ERV and reflect a 2% premium to previous passing rents.

We have continued to outperform operational benchmarks for the quarter ended June 2019 with like-for-like retail sales up +1.1%, outperforming the benchmark by 520 bps, with footfall broadly stable at -0.2%, outperforming the benchmark by 420 bps.