British Land praises ‘winning’ retail park format ahead of AGM
This comes as the retail park format continues to perform strongly for British Land, with occupancy reaching 99%, while footfall has increased 1% year-on-year
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British Land chief executive, Simon Carter, has said that retail parks “continue to be a winning retail format” due to their affordability, omnichannel compatibility and low capex requirements ahead of the group’s AGM.
This comes as the retail park format continues to perform strongly for British Land, with occupancy reaching 99%, while footfall has increased 1% year-on-year and sales increased by 6% year-on-year.
During the year, the group has also completed 387,000 sq ft of retail leases, which includes 227,000 sq ft of deals across retail parks that are 13.5% ahead of ERV. A further 738,000 sq ft is currently under offer and is 17.7% ahead of ERV.
In addition, it completed 109,000 sq ft of renewals and extensions on its retail parks, including 14,700 sq ft and 15,000 sq ft with DFS and Sofology at Teesside Park, and 24,000 sq ft and 20,000 sq ft with Asda at Crown Wharf Shopping Park, Walsall and Prospect Place Retail Park, Dartford.
According to the group, it has “strong” liquidity, with £1.7bn of undrawn facilities and cash, and no requirement to refinance until early 2026.
Carter added: “We continue to see strong operational momentum in the business, despite ongoing macroeconomic uncertainty, with good leasing activity reflecting our focus on execution and the exceptional quality of our portfolio.”
