British Land (BLND) has been very busy in the three months to June, underpinned by strong demand for office and retail space in London. In the three months the group secured 129,000 sq ft of retail lettings and renewals, at rents that are 9.4 per cent ahead of estimated rental value (ERV) set in March.
A further 132,000 sq ft of office space has been let at 1.6 per cent above ERV, with a further 60,000 sq ft on offer 12.5 per cent ahead of ERV. The Leadenhall building is now 90 per cent let, while plans have been submitted for 300,000 sq ft of office/retail space at 1 Finsbury Avenue. The group also recently secured planning consent on a 517,000 sq ft site at 100 Liverpool Street.
Analysts at Numis are forecasting adjusted net asset value of 940p by March 2016.
