Sales and footfall up at BL

Published:  17 May, 2017

UK retail portfolio continues to outperform

British Land has reported underlying profit up 7.4 per cent to £390m in the 12 months to 31 March 2017. However a fall in property valuations mens pre-tax profits fell from 1.3bn to £195m.

The company reported strong leasing and operational performance, with 1.3 million sq ft of retail lettings and renewals, 10.8 per cent ahead of ERV; footfall up by 240 bps and in-store sales up by +220 bps both beating their benchmarks. on

Retail disposals of £881m at an average yield of 4.3 per cent; included Debenhams, Oxford Street for £400m and £226m of superstore sales.

Chief executive Chris Grigg said: “In retail, demand remained firm in the year, despite wider uncertainty for consumers and retailers alike. We let more space on better terms to a wider range of occupiers than in the previous year. “

But he warned: “Looking forward, the picture is a mixed one. The Brexit process has begun but uncertainty will continue for some considerable time. Though the UK economy has performed well since the vote, we can expect more inflation and increasing pressure on disposable incomes. This will impact consumer behaviour and retailer profitability.”

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