# British Land reports strong first-quarter leasing momentum

- Link: https://www.directorstalkinterviews.com/british-land-reports-strong-first-quarter-leasing-momentum/4121256320
- Published: 2026-07-14T11:44:05+01:00
- Author: Ethan Davis

**[British Land Company Plc](https://www.directorstalkinterviews.com/ftse-company/british-land-company/blnd.l)**(
LON:BLND) has published an operational update for the three months to 30 June 2026
ahead of its Annual General Meeting.

> **Simon Carter, Chief Executive, said:** “We have started the year well, with 
> momentum continuing from the end of our last financial year. Both of our core 
> markets remain strong. Demand continues to outstrip supply across campuses and
> retail parks, leasing remains ahead of previous passing rents, and forward indicators
> give us confidence that these favourable market conditions will persist.
> As I prepare to hand over to Joanne McNamara in September, I do so with great 
> confidence. Our high-quality portfolio, value-add mindset and exposure to two 
> of the UK’s most attractive real estate sectors provide a strong platform for 
> continued EPS growth.”
> **Operational performance**

−     Leasing momentum has continued into the first quarter, with 567,000 sq ft 
of leasing completed, 4.8% ahead of ERV and 8.7% ahead of previous passing rent.

−     A further 1.1m sq ft is under offer, 6.8% ahead of ERV and 15.9% ahead of 
previous passing rent.

_Campuses_

−     264,000 sq ft of leasing, 4.5% ahead of ERV and 8.0% ahead of previous passing
rent.

−     Viewing levels across campus assets remain elevated. A further 407,000 sq 
ft is under offer, 5.2% ahead of ERV and 29.6% ahead of previous passing rent.

−     Development leasing continues to progress well. Broadgate Tower is now 63%
let or under offer, following 21,000 sq ft of leasing completed during the quarter
and a further 26,000 sq ft under offer. Demand for new space remains strong, with
the top floor of 1 Broadgate under offer to a financial services business. Post 
period end, the remaining 15,000 sq ft of traditional office space at One Triton
Square went under offer, leaving just one Storey unit available to lease and taking
occupancy to 99%.

−     Three Deal Porters Way launched at Canada Water, with Foundervine signing 
for 3,000 sq ft of Work Ready space to become the building’s first occupier.

−     The Life Science REIT portfolio of five science and technology assets has 
been successfully integrated, with 82,000 sq ft of deals completed in the first 
three months of ownership and a further 52,000 sq ft under offer. British Land is
leveraging its proven campus model to support occupiers as they scale, including
through the expansion of existing customers at Oxford Technology Park.

**Retail & London Urban Logistics**

−     303,000 sq ft of leasing, including 157,000 sq ft on retail parks, 4.8% ahead
of ERV, with a further 721,000 sq ft under offer, 7.9% ahead of ERV.

−     Deals across the retail park portfolio continue to be ahead of previous passing
rents reflecting near-full occupancy and a portfolio that is largely rack rented.
Deals completed in the first quarter and those under offer were 13.7% ahead of previous
passing rent.

−     Activity across the urban logistics portfolio totalled 124,000 sq ft of completed
and under offer deals, including the first letting at Southwark Urban Logistics,
where 29,000 sq ft is let to a technology-led manufacturing business.

−     Sold or exchanged on £83m of assets at a 3.2% NIY, with a further £223m under
offer. Active negotiations are continuing on a number of other disposals.

−     Purchased Telford Bridge retail park for £30m at an 8.3% topped-up NIY.

**Outlook**

−     The continued momentum across British Land’s core markets reinforces confidence
in the outlook for the business.

−     British Land reiterates guidance for Underlying EPS of at least 30.5p for 
FY27, underpinned by like-for-like net rental growth at the top end of its 3-5% 
target range.

−     3-5% ERV growth is expected across the portfolio.

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