British Land closes in on pre-pandemic levels

Rent collection sees improvement on easing of restrictions

British Land (LON:BLND) confirmed on Tuesday that its rent collection from retailers has risen as its sites have reopened on the easing of lockdowns.

The FTSE 100 company said it collected 99% of rent due from its offices last month.

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The land owner added that since the restrictions were lifted, footfall and sales have risen by 86% and 94% respectively across its locations.

British Land confirmed in an operational update that 85% of June’s £87m rent has been collected. Approximately half comes from offices and half from retail.

Compared to numbers from before the pandemic, footfall was at 86% since indoor hospitality reopened, while sales were at 94%, according to British Land.

Retail parks, according to the FTSE 100 company, are outperforming other areas of retail, running at 96% and 99% of pre-pandemic levels. The value of retail parks also rose during June by 0.7%.

Simon Carter, CEO British Land said: “With lockdown restrictions lifting, we have seen a notable improvement in activity across our markets and our business is performing well. On our retail parks, footfall and sales are close to pre pandemic levels, rents are stabilising with recent deals in line with March ERV and there are indications that retail park values are starting to rise as more investors target the market.”

“At Storey, our flexible workspace offer, activity is above pre pandemic levels. Elsewhere on our Campuses, we see good occupier interest for new and refurbished space, which we expect to be supportive of office rents and values as we move through the year.”

The British Land share price is up by 0.88% on Monday.

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