British Land has said there is “strong operational momentum in the business”, despite its recent fall from the FTSE 100 and downgrade by HSBC analysts.
In a trading update ahead of today’s AGM, chief executive Simon Carter said: “We continue to see strong operational momentum in the business, despite ongoing macroeconomic uncertainty, with good leasing activity reflecting our focus on execution and the exceptional quality of our portfolio.
“Campuses are benefiting from the trend towards best-in-class space, while retail parks continue to be the winning retail format given their affordability, omnichannel compatibility and low capex requirements.”
He added: “We have also made strategic progress in life sciences and innovation, with one of the largest lab lettings in the market and the launch of modular lab space at Canada Water.”
The REIT said it had let 552,000 sq ft across the portfolio in the first quarter, 11% ahead of ERV. It added that a further 1.2m sq ft was under offer, 15.5% ahead of ERV.
It added that it had secured planning approval for a new 100,000 sq ft life sciences and innovation led scheme in the former Debenhams store at SouthGate, Bath.
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