Whiteley Shopping Centre owner British Land reports full retail parks and high demand for offices as it reports increased earnings
The owner of Whiteley Shopping Centre has seen a financial uplift
British Land, which owns Whiteley Shopping Centre, says overall its retail parks are “almost full”, and is reporting 99 per cent occupancy.
The real estate giant, which owns shopping centres and office complexes across the country, has increased its earnings guidance for 2026 and 2027 as it reported “accelerating demand” for office space from AI firms as well as thriving retail.
The FTSE 100 company saw shares lift higher in early trading on Tuesday as a result. Bosses said the group’s campuses and retail parks operations have both helped to drive positive growth in rents and earnings.
British Land said it expects to have delivered underlying earnings per share of 28.9p for the year to the end of March, ahead of previous guidance. It also told investors it is on track for underlying earnings per share of at least 30.5p for the new financial year. The group had previously given guidance of around 30.2p.
The positive outlook came as the firm reported stronger-than-expected net rental growth of six per cent for the past year, including 12 per cent growth in campuses.
The campuses business, which includes Regents Place in London, has particularly benefited from deals with new AI-linked tenants, such as Anthropic.
Simon Carter, chief executive of the firm, said: “We are seeing accelerating demand from a new wave of AI and innovation-led occupiers, driving strong rental growth in what remains a supply constrained market.”
British Land also hailed a stronger performance across its retail parks business, which includes Fort Kinnaird in Edinburgh and Whiteley in Hampshire. It said the retail parks are “virtually full”, with occupancy of 99 per cent across its properties.
Recently Whiteley has seen The Round Coppice Wetherspoon pub open, as well as interiors store Sostrene Grene, while the Amparo Lounge bar will open on July 1.
Mr Carter said: “This has been an excellent year of leasing, reflecting our market-leading position in campuses and retail parks, where availability for high-quality space in the right locations is near record lows, and occupational fundamentals continue to strengthen, despite ongoing macroeconomic volatility.
“With continued momentum across the portfolio, including particularly strong Q4 leasing, and the earnings accretive acquisition of Life Science REIT completing yesterday, we are confident in our earnings growth outlook for full-year 2027 and beyond.”
Shares were up 2.2 per cent at 404.6p on Tuesday morning.