British Land announces half-year highlights for 2019/20

Property development and investment company British Land has revealed its half-year results and highlights for 2019/20.

In the highlights, there was an underlying EPS down 6.4 per cent, following £1.2bn of income producing sales since April 2018.

The company’s portfolio value is down 4.3 per cent, whilst retail is down 10.7 per cent however offices have gone up 0.4 per cent and developments are up 4.6 per cent.

Chris Grigg, British Land’s chief executive, said: “Our operational performance has been good and we made further progress on our mixed use strategy, including a resolution to grant planning for a new urban centre at Canada Water in London.

“We continue to deliver space that our customers want, with 1.3m sq ft of leasing activity across existing and new space, so occupancy remains at 97 per cent and developments are 87 per cent pre-let or under offer generating £63m when fully let.

“In a tough market, we have capitalised on opportunities to make retail sales, disposing of £236m of assets ahead of book value.”

Furthermore, there has been £289m worth of asset sales, along with a £194m superstore portfolio, ahead of book value.