The UK’s second-biggest landlord British Land said it has no imminent plans to begin any new property developments as it revealed strong figures for its third quarter.
Although chief executive Chris Gregg said British Land was “well-placed”, he told the Financial Times that there were no plans to “push the button” on any new developments just yet.
This is despite rival Land Securities last month saying it was moving closer to starting work on several shopping centre developments, including The Trinity Quarter Project in Leeds, after the recession delayed progress on the schemes.
The firm spent £121m on properties in the three months to December 31, including a half stake in Surrey Quay’s shopping centre in London.
Gregg said: “We are investing in high quality opportunities such as Surrey Quays, where we can add considerable value.”
British Land’s retail portfolio is 99% let. Footfall in the period grew 5% across its retail parks and Sheffield shopping centre Meadowhall, exceeding the UK average of 3% growth.
Pre-tax profits grew to £611m in the period compared with a loss of £1.6bn in the same period last year.
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