𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Real estate giant British Land has revealed stronger-than-expected profits amid growing demand for office space from the booming AI and technology sectors.

Shares in the company ticked higher in early trading as a result.

British Land’s office campuses business has benefited from deals with new AI-linked tenants, such as Claude parent firm Anthropic.

The FTSE 100 firm said underlying profits grew by 5% to £294 million for the year to the end of March, surpassing analyst forecasts.

It reported that earnings per share was also up 1% to 28.9p for the past year.

The group said it has been buoyed by strong take-up for offices in central London, which has risen to its highest level in 20 years.

British Land also said it has seen a strong performance across its retail parks, which includes Fort Kinnaird in Edinburgh and Whiteley in Hampshire, with occupancy of 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.

“While the geopolitical and interest rate backdrop has become more uncertain, the occupational fundamentals underpinning our portfolio are as strong as I have seen them.”