Real estate giant British Land has reported stronger-than-expected profits, driven by growing demand for office space from the booming artificial intelligence and technology sectors. Shares in the FTSE 100 firm ticked higher in early trading following the announcement.
The company said underlying profits grew by 5% to £294 million for the year to the end of March, surpassing analyst forecasts. Earnings per share also rose by 1% to 28.9p over the same period.
British Land’s office campuses business has benefited from deals with new AI-linked tenants, such as Claude parent firm Anthropic. The group noted strong take-up for offices in central London, which has risen to its highest level in 20 years.
The company also reported a strong performance across its retail parks, including Fort Kinnaird in Edinburgh and Whiteley in Hampshire, with occupancy reaching 99%.
Simon Carter, chief executive, said: “We are benefiting from our leading positions in campuses and retail parks, where demand is growing and supply remains constrained. Our offer is clearly resonating with customers: we have around a 5% share of the London office market, but accounted for 15% of reported leasing activity last year, rising to 33% in the fourth quarter.”
