British Land sees strong performance despite economic uncertainty

Property owner British Land said it continued to see strong operational momentum in the business, despite ongoing macroeconomic uncertainty, with its retail parks proving to be a "winning format".

"We continue to see strong with good leasing activity reflecting our focus on execution and the exceptional quality of our portfolio," the company said ahead of its annual shareholder meeting.

British Land said it had 552,000 sq ft of leasing across the portfolio in the first quarter, 11.0% ahead of estimated rental value, with a further 1.2m sq ft under offer, 15.5% ahead of ERV.

"Campuses are benefiting from the trend towards best in class space, while retail parks continue to be the winning retail format given their affordability, omni-channel compatibility and low capex requirements. 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."