British Land has reported stronger-than-expected profits due to increasing demand for office spaces from AI companies. The FTSE 100 firm witnessed a 3.8 million square feet of property leasing at 7.2 per cent ahead of estimated rental value.
British Land reported stronger-than-expected profits amid growing demand for office space from AI companies. The FTSE 100 firm said its office campuses had benefited from deals with new AI-linked tenants, including Anthropic .
British Land leased 3.8 million square feet of property in the year to the end of March at 7.2 per cent ahead of estimated rental value. Take-up for offices in central London rose to its highest level in 20 years, while British Land also cashed in on growing demand for retail parks and campuses.
British Land said it had seen a strong performance across its retail parks, which include Fort Kinnaird in Edinburgh and Whiteley in Hampshire, with occupancy at 99 per cent. The firm's recurring underlying profits increased by 5 per cent to £294 million in the year to the end of March, surpassing analyst forecasts.
Earnings per share rose by 1 per cent to 28.9p. Looking ahead, British Land expects current annual earnings per share to rise at least five per cent to at least 30.5p. It reiterated the longer-term outlook for 3-6 per cent growth in subsequent years. Shares in British Land fell 0.17 per cent or 0.64p to 377.56p on Thursday, having slipped 8 per cent in the past year
British Land Office Campuses AI Companies Artificial Intelligence Anthropic Retail Parks Retail Campuses Occupancy Earnings Per Share Underlying Profits Analyst Forecasts FTSE 100
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