Property company British Land has today announced almost full retail occupancy in its first quarter results.
Q1 figures, accounting for the 13 weeks up until June 30th 2010, show retail occupancy at 98.6 per cent while underlying profit before tax rose 3.2 per cent year-on-year to £64 million.
British Land currently has a property portfolio worth £8.5 billion of which retail represents 66 per cent.
Chris Grigg, CEO of British Land, commented: “We have performed well in what has been an important quarter for British Land.”
“In retail, while rental activity was slower as occupiers became more cautious about the outlook for consumer spending, we continued to benefit from good demand from retailers for space in the right locations.”
The company’s retail portfolio consists of warehouses, department stores, superstores and shopping centres, including St Stephen’s in Hull and Eastgate Shopping Centre, Basildon.
Rate of portfolio valuation growth slowed to 1.4 per cent over Q1, while dividend remained at 6.5 pence per share.
Grigg continued: “While we remain cautious about the near-term outlook, our prime real estate, underpinned by good tenant credit quality and high occupancy, is expected to perform well and we remain confident about the long-term prospects for the business.”