British Land has reported a 0.9% increase in footfall at its retail assets, which it said represented an outperformance of the market by 240 basis points.
In a first-quarter trading update, the REIT reported 129,000 sq ft of retail lettings and renewals, along with 132,000 sq ft in the office sector.
Some 60,000 sq ft of office space is also under offer, with 90% of the Leadenhall Building, EC3, now let or under offer – up from 84% at the start of the year.
The period also saw the £210m purchase of One Sheldon Square at Paddington Central, W2, as revealed by Estates Gazette.
British Land also reported that £200m of retail disposals were under offer or on the market, with £12m of residential sales exchanged in the quarter and a further £27m reserved or under offer.
Over the period BL also raised £350m of convertible bonds due in 2020.
Chief executive Chris Grigg said: “We have had a good start to the year, making real progress against the priorities set out at our results in May in what are strong occupational and investment markets. In retail, our operational metrics remain strong and we continue to recycle capital by selling selected mature assets and investing into our existing portfolio.
We have taken advantage of favourable market conditions to raise £350m of convertible bonds at a zero coupon, continuing our strong track record in accessing funding on competitive terms from a range of sources.”
