British Land sees profits rise with retail portfolio
By FashionUnited
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Property company British Land announced its pre-tax
profits were up 5.1% in 2011 despite challenging market conditions for the retail sector. With retail accounting for 61% of its portfolio the company said it saw increased occupancy in its buildings, with profits rising to £269 million for the year ending March 31st, 2012.The company said 347,000 sq ft of UK retail developments had been committed in the year with 72% already let or under offer, according to the Retail Bulletin. In addition, a further 960,000 sq ft of retail developments with planning had been secured or were pending. The company said the retail sector had experienced a difficult year hit by the Euro crisis and similar woes in the UK.
During the year, British Land increased the pace of its retail development activity to take advantage of a shortage of high quality space triggered by a lack of development finance. This included new projects such as Whiteley, a 302,000 sq ft out of town shopping centre, and a 45,000 sq ft leisure extension at the Glasgow Fort shopping centre.