British Land has confirmed American AI group Anthropic has leased a major headquarters at its One Triton Square development in London's Euston and reported earnings and rental growth in an unaudited trading update for the financial year ended 31 March 2026.
The update comes ahead of its preliminary results announcement scheduled for 20 May.
CoStar News revealed on Friday that Anthropic would be taking a 158,000-square-foot headquarters in a major expansionary move in London at British Land and Royal London Asset Management's One Triton Square.
In London campuses, leasing momentum has been strong over the year, British Land said, with 215 deals covering 1,692,000 square feet. This accelerated in the final quarter with 834,000 square feet of deals (circa 50% of the total by floor area). This included Herbert Smith Freehills Kramer signing at Broadgate’s latest development, 1 Appold Street, setting record rents for the campus, in February in a transaction revealed by CoStar News.
Across the wider portfolio, occupancy is now 95%, up from 92% at September with the remaining vacancy "weighted towards newly delivered, best in class space where demand is strongest", the real estate investment trust said.
Take-up of space from AI and innovation-led businesses is increasing across London, British Land said, particularly so in the King's Cross Knowledge Quarter. It confirmed this is being reflected at One Triton Square where "leasing velocity has exceeded expectations since its launch in October", and is now 78% let and 16% under offer, including all of the lab space.
BL said: "We have recently signed one of the world’s leading AI companies, Anthropic, for 158,000 square feet. This is the sixth deal we have done with the business, as our campus proposition supports their UK growth. They join occupiers such as Gilead Sciences alongside other leading global pharmaceutical, robotics, AI and technology companies at the campus."
BL's retail park portfolio remains virtually full at 99% occupancy. It said new entrants this year contributed in part to leasing ahead of previous passing rents at 3.4% (second half: 6.3%).
Simon Carter, BL's outgoing chief executive, said in a statement: “This has been an excellent year of leasing, reflecting our market-leading position in campuses and retail parks, where availability for high-quality space in the right locations is near record lows, and occupational fundamentals continue to strengthen, despite ongoing macroeconomic volatility.
"In campuses, we are seeing accelerating demand from a new wave of AI and innovation-led occupiers, driving strong rental growth in what remains a supply constrained market. Our virtually full retail park portfolio delivered positive leasing against previous passing rents of 6.3% in the second half of the year. The dynamics in both markets have translated into strong like-for-like rental growth of 6% which, combined with development leasing and disciplined cost control, has more than offset higher funding costs. This is expected to deliver Underlying earnings per share of 28.9p for full year 26 and together with stable yields and estimated rental value growth, drive an 8.1% total accounting return.
"With continued momentum across the portfolio, including particularly strong Q4 leasing, and the earnings accretive acquisition of Life Science REIT completing yesterday, we are confident in our earnings growth outlook for full year 27 and beyond.”
For the year ended 31 March 2026, subject to external audit, the group expects underlying profit of £294 million (full year 2025: £279 million) and underlying earnings per share (EPS) of 28.9p (FY25: 28.5p).
Portfolio full year values are up 2.3%, with campuses up 2% and retail parks up 3.3%.
There is estimated rental value growth of +4.9%, with campuses +6.5% and retail parks +4.4%.
The loan to value is 39.2% (FY25: 38.1%).
Operationally there has been 3.8 million square feet of leasing across the portfolio, 7.2% ahead of ERV and 7.6% ahead of previous passing rent, with a further 1.1 million square foot under offer, 12.9% ahead of ERV. It has seen like-for-like net rental growth of 6%.
At its campuses there has been 1.7 million square feet of leasing, 6.3% ahead of ERV and 20% ahead of previous passing rent, with a further 295,000 square feet under offer, 17% ahead of ERV.
BL now expects full year underlying EPS of at least 30.5p, ahead of previous guidance of at least 30.2p, following the acquisition of Life Science REIT.
It reiterated its expectation for 3-6% per annum earnings per share growth over the medium term.
British Land now owns or manages a portfolio valued at £15.2 billion (British Land share: £9.8 billion) as at 30 September 2025.
In an analysts note JP Morgan research said described it as a "welcome, robust update."
It added: "BL also confirmed the 158,000-square-foot Anthropic lease ... seeing 'accelerating demand from a new wave of AI and innovation-led occupiers'. This has supported a strong year of activity and the extraordinary lease up at One Triton Square, now 78% let and 16% under offer after launching in October 25. Looking further out, BL reiterated 3-6% per annum EPS growth guidance and future ERV growth of 3-5% per annum. This is a good update."