British Land Company (BLND) Trading Update summary

Acquisition and funding

• Acquired seven high quality retail parks for £441m, funded by a £300m equity placing and existing resources.

• Portfolio offers a net initial yield of 6.7% and topped up net initial yield of 7.2%.

• Parks are 99% occupied, anchored by major superstores, and let to strong multi-channel retailers.

• Assets expected to deliver double digit ungeared IRRs and immediate EPS accretion.

Trading and operational performance

• Underlying profit for H1 2024/25 expected at £142-144m, with EPS of 15.2-15.4p.

• Portfolio values to improve marginally by 0.2%, with retail parks up 5.0%.

• 1.5m sq ft of leasing completed, 8.5% ahead of ERV, with high occupancy across segments.

• Retail park occupancy remains high at 99%, reflecting strong demand and limited supply.

Capital recycling and balance sheet

• £270m of assets acquired, including the new retail parks and remaining stake in New Mersey Retail Park.

• £407m of disposals completed or exchanged, including Meadowhall.

• HY25 loan to value expected at 38%, with acquisition and placing broadly LTV neutral.

• Annualised Net Debt to EBITDA expected to decrease.