British Land (LSE:BLND) delivered a strong third-quarter performance to 31 December 2025, highlighting sustained occupier demand across its London campuses and retail park portfolio. During the period, the group leased 882,000 square feet of space on terms materially ahead of estimated rental values and prior passing rents, with a further 1.8 million square feet currently under offer.
Leasing momentum was most pronounced within the campus portfolio, where Science & Technology occupiers continue to drive take-up at key assets including One Triton Square and Broadgate. Retail parks also performed well, with occupancy at 99% and rising footfall supporting income growth and asset resilience.
On the back of this activity, management reaffirmed its outlook for earnings, guiding to underlying earnings per share of at least 28.5p for FY26 and growth of at least 6% in FY27. The update signals confidence in British Land’s income trajectory and reinforces its focus on higher-quality, supply-constrained segments of the UK commercial property market.
Overall, the company appears well positioned, supported by positive leasing dynamics, constructive sentiment from recent earnings communications and attractive valuation metrics. That said, management continues to monitor potential risks around earnings volatility and cash flow consistency as it executes its strategy.
More about British Land Company plc
British Land Company plc is a UK-focused commercial property owner and manager, concentrating on London campuses and retail parks where it sees the strongest structural demand. The group controls or manages a £15.2bn property portfolio, with a British Land share of £9.8bn as at 30 September 2025, and aims to deliver long-term sustainable value through development, repositioning and active asset management, guided by its sustainability framework of Greener Spaces, Thriving Places and Responsible Choices.
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