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British Land in 'robust position' going into post-Brexit era


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British Land in 'robust position' going into post-Brexit era

CEO ChrisGrigg said in the company's fiscal first-quarter trading update that thecompany is in a "robust position" going into the post-Brexit era.

TheCEO added that it is "too early" to properly determine Brexit'seffects on the company's operations, but it is expected that some tenants andinvestors will be more cautious on the market.

Inthe quarter to June, the respective retail and office lettings and renewals ofthe company were 14.8% and 3.8% ahead of the company's estimated rental values.About 240,000 square feet of retail space and 51,000 square feet of officespace were also under offer during the period.

BritishLand's portfolio has a 99% occupancy rate and a weighted average lease term ofnine years to first break. The company added that it has no refinancingrequirements for the next four years, based on current commitments.

Subsequentto the reporting period and after the June 23 referendum, the British developerfinalized 17 long-term leases that were agreed on before the vote, sealed a£400 million deal todivest Debenhams' flagship store in London and recorded at inLondon.

BritishLand also confirmed its first-quarter dividend at 7.30 pence per share, up 3%from the year-ago period.