British Land sees LFL occupancy grow in third quarter

28th Jan 2014 07:00

- LFL occupancy up 30bp at 97.1 per cent- New lettings/renewals signed ahead of ERV- New letting at The Leadenhall BuildingProperty giant British Land said it made decent progress in its fiscal third quarter with like-for-like (LFL) occupancy growing year-on-year.LFL occupancy in the three months to December 31st 2013 increased by 30 basis points to 97.1% with the company citing an improving operational performance in both office and retail assets.Overall occupancy, however, which includes recently completed developments, stood at 96.5%, down 30 basis points on the previous year.The company signed 525,000 square foot of lettings and renewals during the third quarter, which were 5.3% ahead of their estimated rental value."Overall, the UK property market had a strong quarter with London strengthening further and domestic and international investment spreading out into the regional markets," said Chief Executive Chris Grigg.UK retail assets account for 59% of British Land's portfolio, while London offices located in the City and West End, comprise 39%.During the quarter, the company said it had continued to take advantage of investment market strength to "reposition" its retail portfolio, making £405m of sales and completing £196m of acquisitions.The quarterly dividend payment will be 6.75p per share, a 2.3% increase on the previous year.In a separate statement, British Land announced that it has signed a new letting for level 30 at The Leadenhall Building in the City, its 50:50 joint venture with Oxford Properties.BC