Focused on the right subsectors at unique scale

British Land is focused on the parts of the UK property market where strong demand and constrained supply support rental growth: London campuses and retail parks. Our high quality portfolio, active approach to asset management and development, and disciplined capital allocation provide a strong platform for earnings growth and attractive long-term returns.

Why invest in British Land?

90% of our portfolio is concentrated in London campuses and retail parks, two segments where demand is strong, supply is constrained and we have market-leading positions.

London CampusesRetail Parks

High quality, well-connected space in supply-constrained London locations


Net absorption of space (one of the best indicators of the health of demand) is at its strongest level since records began


Growing platform of choice for high-growth science and technology occupiers (represent 35% of Campus rent roll)


Strong returns from delivering developments into a supply constrained market.

Affordable, adaptable and accessible space for retailers


High occupancy (99%), low maintenance capital requirements and attractive income returns


Scale: half of the UK population lives within 30 minutes drive of a British Land retail park


Strong trading locations: Footfall +13.4% against the UK retail benchmark since 2019

Learn more about office campuses

Discover more about our retail portfolio

Our market leading positions in sectors with the strongest occupational fundamentals, combined with our value-add approach and expert team, gives us confidence in our ability to deliver 8-10% total accounting return through the cycle, underpinned by sustainable EPS growth of 3-6% per annum.

Delivering against our five levers of earnings growth in FY26

Like-for-like growthFee incomeCost controlDevelopmentsCapital recycling

Delivered 6+%

Delivered +4%

Admin costs down 7m / 9%

c. 40m of accounting net rents on completed schemes

Sold 106m of mature assets at 2.9%

Acquired 94m of retail at 7.2% Topped Up NIY

Our in-house expertise span the full asset lifecycle, from investment and planning through to development, leasing and property management, enabling us to identify opportunities and create value for share holders.

EPRA Cost Ratio: 18.9%, which we expect to reduce to mid-teens over time

Our resilient balance sheet, alongside the diversity and duration of sources of finance underpins our capital allocation framework, providing flexibility to invest through the cycle.

We take a disciplined approach to capital allocation, recycling capital from more mature, lower-returning assets into higher-returning opportunities.

We work closely with high-quality partners to share risk, drive free income and free up capital.

Disposal of mature assets

Acquisitions

Developments

Shareholder distribution

  • Source value-add opportunities that exceed our cost of capital

  • Continue to invest in retail parks at attractive yields

  • Deliver schemes into supply constrained markets

  • Progress best-in-class office developments on a de-risked capital light basis

  • 80% of Underlying EPS as dividends 

  • Additional distributions and buybacks considered in the event of material surplus capital

Underpinned by balance sheet strength

How British Land creates value?

Headline metrics

Financial highlights
Underlying EPS (diluted) 28.9p

2025: 28.5p

Sustainability progress 75%
of the portfolio is rated EPC A or B.
Balance sheet strength
A solid platform for growth, with 39.2% LTV and 7.7x Group net debt to EBITDA.
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underlying EPS 28.9p
Dividend per share 23.12p
EPRA NTA per share 590p
Refinance date 2029
IFRS EPS (diluted) 45.3p
IFRS profit after tax 454m

How British Land Creates Value

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