British Land leases more property

British Land Company

378.20p

15:45 15/11/24

0.59%

2.20p

British Land said 63% of the estimated rental value of properties were let or under offer across its total development pipeline, up from 55% at the time of its March year-end.

The FTSE 100 company, which is currently on site at three buildings representing more than 1m square feet of space at Broadgate, 100 Liverpool Street, 1FA and 135 Bishopsgate, said 45% of ERV of committed developments across Broadgate in the City of London was now leased or under offer.

Tim Roberts, British Land's head of offices, said: "This is a good start to the year.

"These lettings are a strong endorsement of our campus strategy as well as everything we have done to evolve our offer at Broadgate. Benefitting from its proximity to some of the most exciting areas of London, as well as Crossrail, Broadgate is uniquely placed to connect innovation with finance alongside a diverse mix of food, retail and culture."

The update comes alongside industry data from Savills that in the past three months, Asian buyers have snapped up £3.5bn of buildings in London’s financial district -- the highest figure for a second quarter since 2007, when the commercial property market was at its peak just before the credit crunch hit.