British Land targets distributors as new retail fleet customers after difficult year

Man walks through Broadgate Circle as spread of coronavirus disease (COVID-19) continues, London, Britain March 31, 2020. REUTERS / John Sibley / File Photo

British real estate group British Land (BLND.L) has started marketing space in its coronavirus-hit retail parks to logistics companies whose ‘last mile’ business in delivering shopping to consumers has exploded during last year’s lockdowns.

The British company was the last major business owner on Wednesday to announce significant write-downs in the value of the stores and offices it owns, slashing the value of more than one billion pounds ($ 1.42 billion). its overall portfolio.

But he recently spent some £ 200million buying retail parks and is aiming for more deals, deeming outdoor locations, often anchored in supermarkets, as a better bet for the future.

CEO Simon Carter said on a results conference call the company was targeting “last mile” logistics companies for parks.

“We are in discussions with third party logistics service providers to take up space in our own fleets,” Carter said on a call after British Land reported an annual loss.

“The development axis of the urban logistics activity is complementary. We believe that the rental growth of urban logistics is strong, ”he added.

($ 1 = 0.7065 pounds)

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