British Land is expecting occupiers and investors to take a more cautious approach towards the property market following the UK's decision to leave the European Union (EU).

In a trading statement today, 18 July, the development company said it was too early to properly assess the results impact, but it had experienced strong quarterly activity in the lead up to the referendum.

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Highlights since the result include exchanging contracts to sell Debenhams flagship store on Oxford Street for £400 million, as well as securing 17 long-term retail leases totalling 58,000 sq ft ahead of the estimated retail value.

Chris Grigg, Chief Executive, said: "It is too early to properly assess the impact of the referendum result on the markets in which we operate but we do expect some occupiers and investors to take a more cautious approach. British Land has entered this period of post-referendum uncertainty in a robust position. We have a strong, resilient business with a clear strategy."

(LM/CD)