British Land shares update on new strategy – British Land (BLND) has today published an update on its strategic progress, after first announcing its new business model and strategy in May 2021. Since highlighting its plans to “more actively focus capital on competitive strengths in development, active management and repositioning assets [by] investing behind campuses and retail & fulfilment’ BLND has acquired Finsbury Square Car Park and the Thurrock Shopping Park, creating development opportunities for urban logistics.
It has also exchanged on the acquisition of Peterhouse Technology Park, Cambridge and The Priestley Centre, Guildford, increasing exposure to innovation sectors and has sold Virgin Active Chiswick and part of Woodfields Retail Park, Bury. Wardrobe Court, EC4, is currently under offer.
BLND said the recent acquisitions align to its new strategic themes and demonstrate further significant progress against its priorities. Proceeds from disposals are being recycled into acquisitions and value accretive development including more than 1m sq ft of new development commitments since November 2020, as well as a 53 acre development project in Canada Water where it has recently opened a marketing suite.
Statement from the CEO
Simon Carter, CEO, British Land said: “We are delighted with the momentum we are delivering across our business as the economy reopens. Leasing activity at our London campuses has been strong, with a significant amount of space going under offer to a broad range of occupiers in the last two months.
“At the same time, we are continuing to deliver against our strategic priorities. We have sold off-strategy mature assets and will actively redeploy capital into opportunities that allow us to maximise our competitive advantage in asset management and development.”
BLND : British Land shares update on new strategy