Retail parks help boost British Land

Property company British Land saw profits grow in the year to the end of March driven by a strong performance by retail parks.

The Crown Wharf retail park at Walsall
The Crown Wharf retail park at Walsall

It invested £350 million in its retail parks, which include Crown Wharf, Walsall and Queens, Stafford, during the year.

Underlying profit was up 24.9 per cent to £251 million.

Its overall portfolio value was up 6.8 per cent to £10.46 billion with retail parks up 20.7 per cent.

Chief executive Simon Carter said: "Over the past year we have delivered a strong performance across all parts of our business as we continue to execute against our strategy. Our total accounting return for the year was 14.8 per cent driven by a 6.8 per cent increase in the valuation of our portfolio."

He said that leasing volumes across campuses and retail and fulfilment were the highest in 10 years.

British Land has made £694m from the sale of 75 per cent of majority of assets at Paddington Central to GIC since the end of the financial year

Footfall on the retail parks in the year was 99.5 per cent of 2019-2020 and sales were at 100.2 per cent.

Rent collection was strong for the year at 97 per cent, nearing pre-pandemic levels.

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