(Reuters) - Property developer British Land Co Plc (LON:BLND) reported only a slight decline in occupancy rates in the third quarter, adding to signs that property demand from companies continues to hold up ahead of Britain's exit from the European Union.
Britain's second-largest publicly listed property developer reported occupancy rate of 97 percent with weighted average lease lengths of 8 years in the three months ended Dec. 31, versus occupancy rate of 98 percent and lease length of 9 years reported for the first half.
The company, which owns London's Leadenhall office building and Sheffield's Meadowhall shopping centre, said it had leased or renewed agreements on 314,000 square feet of retail lettings and 51,000 square feet of office lettings.
Rates for the leases were on average 8.7 percent ahead of estimated rental value for retail lettings and renewals were in-line for office lettings.
The Real Estate Investment Trust (REIT) also hiked its third-quarter dividend to 7.30 pence, 3 percent higher than a year earlier.