British Land expects investors to be cautious post Brexit vote

British Land said it was too early to properly assess the impact of the referendum result on its markets but it did expect some occupiers and investors to take a more cautious approach.

“British Land has entered this period of post-referendum uncertainty in a robust position,” it said in a trading update.

"We had a good quarter of activity in the lead up to the referendum. In the short period since, we are pleased to have exchanged on the sale of Debenhams, Oxford Street and completed further lettings across the office and retail portfolios.”

The Debenhams flagship store was sold for £400m. British Land also exchanged 17 long term retail leases totalling 58,000 sq ft on terms agreed prior to the referendum at 9.5% ahead of ERV.