British Land: Retail parks “winning” format
The chief executive of British Land has said that retail parks “continue to be the winning retail format”, ahead of the real estate investment trust’s (REIT) annual general meeting.
Simon Carter praised retail parks for their “affordability, omni-channel capability, and low-capex (capital expenditure) requirements”.
The REIT, which owns a number of shopping centres such as Surrey Quays and Ealing Broadway as well as retail parks nationwide, said it had completed 387,000 sq ft of retail leasing during the first quarter of the financial year.
This included 227,000 sq ft of deals across retail parks, with a further 738,000 sq ft of space under offer.
British Land said its retail park occupancy rate had reached 99%, with footfall and sales up 1% and 6% year-on-year, respectively.
Simon Carter said British Land had continued to see “strong operational momentum in the business, despite ongoing macroeconomic uncertainty”, with good leasing activity reflecting a focus on execution and the “exceptional” quality of its portfolio.
The REIT has also revealed plans for a 100,000 sq ft life sciences-led scheme at a former Debenhams department store in Bath.