UK property development and investment group, FTSE 100 member, REIT since 2007
British Land has reported strong annual results with underlying profit at £294 million, driven by demand from AI and technology firms for London office space and robust occupancy at its retail parks. The company maintained its earnings forecast for 2027 amid higher leasing activity and rising rents.
The Scotsman reports Fort Kinnaird plans a 42,500 sq ft expansion, creating over 60 local jobs, including a new 19,750 sq ft food store and 22,785 sq ft leisure space, with consent expected in November and construction due 2027. The Guardian covers John Lewis’s £20m Glasgow store revamp as part of a £50m programme across several cities, aiming to modernise the Buchanan Galleries and boost footfall while keeping shops open. France 24 details Shein’s exit from BHV Marais as SGM sells the landmark store to executives, marking strategic shifts in Parisian retail amid regulatory fines over the brand.
Prologis has made an all-share approach worth 925p a Segro share, valuing Segro at about 3.6bn. Segro’s board has rejected the bid as “a long way short” of value, arguing the US bid undervalues the business. Shares have rallied on the news, while broader property stocks are buoyed by falling gilt yields and hopes of cheaper financing.
The High Court has sanctioned TG Jones’s restructuring plan, enabling a turnaround after insolvency fears. The plan includes extra funding from Modella Capital, rent reductions for landlords, and store closures. The chain, formerly WH Smith, now operates around 450 stores with thousands of staff. The judge stressed the plan is complex but necessary to preserve the core store estate.