Notice of Investor Day & Operational Update
18 September 2019
Investor Day
British Land 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.
For Information Contact
Investor Relations
David Walker 020 7467 4466
Media
Claire Scicluna 020 7467 2823
About British Land
British Land plc owns a portfolio of office-led London campuses and retail destinations, located around the UK. These include Broadgate, London; Meadowhall, Sheffield and Canada Water, London.
Our approach towards creating high-quality places for our customers and the community involves bringing together our skills in placemaking, sustainability and technology and responding towards the changing way people use our space. Our places serve local communities, provide opportunities for skills development and employment and promote wellbeing. 2019 was our third year holding the Queen's Award for Enterprise, the UK's highest business accolade, recognising our economic, social and environmental achievements across our portfolio.
Our strategy is to build an increasingly mixed use business, which will comprise of three core elements - our London campuses, a smaller, more focussed Retail portfolio and residential. By creating vibrant mixed use neighbourhoods we can drive enduring demand for our space, support rental growth and create long-term value for all our stakeholders.
Our portfolio is valued at £16.2bn (British Land share: £12.3bn) as at 31 March 2019 making us one of Europe's largest real estate investment companies.
Further details can be found on the British Land website at www.britishland.com or follow us @BritishLandPLC
