United States

British Land Company PLC (BLND.L)

BLND.L on London Stock Exchange

23 Jan 2017
Change (% chg)

5.61 (+0.95%)
Prev Close
Day's High
Day's Low
Avg. Vol
52-wk High
52-wk Low

Latest Key Developments (Source: Significant Developments)

British Land says mindful of potentail headwins going forward
Thursday, 19 Jan 2017 02:10am EST 

British Land Company Plc : Third quarter trading statement . Has had a positive quarter . Have completed over 400,000 sq ft of lettings across business and are progressing discussions with a broad range of occupiers . Retail footfall and sales growth continue to outperform industry benchmarks . Have made further disposals of non-core assets and residential units ahead of valuation . Business is well placed; we remain mindful of potential headwinds going forward . 314,000 sq ft of retail lettings and renewals, 8.7 pct ahead of ERV; a further 189,000 sq ft under offer . Retailer sales for quarter were up 0.6 pct year on year outperforming benchmark by 200 bps . Footfall for quarter was -0.6 pct year on year outperforming benchmark by 220 bps . 51,000 sq ft of office lettings and renewals, in-line with ERV . 7 clarges street offices now over 80 pct let or under offer at an average rent of 113 stg PSF, in line with pre-referendum ervs . Leasing discussions with a wide range of occupiers are progressing across our london campuses; ten major discussions are under way totalling 1.4 million sq ft . Enabling works commenced on 520,000 sq ft redevelopment of 100 liverpool street . 119 million stg disposals exchanged in quarter including £85 million of non-core retail and office disposals 2 pct ahead of September 2016 valuations . 191 million stg retail portfolio sale previously announced completed in January 2017.  Full Article

British Land first-half NAV falls
Wednesday, 16 Nov 2016 02:23am EST 

British Land Company Plc : H1 underlying PBT +16.4% to £199 million driven by like-for-like income growth of 3.4% and reductions in finance and operating costs . H1 underlying pretax profit rose 16.4 percent to 199 million stg . H1 EPRA NAV reduced by 3.0% to 891p; IFRS net assets at £9.2 billion (march 2016: £9.6 billion) . H1 total accounting return of -1.5% (h1 2016: +9.1%) . H1 portfolio valuation -2.8%; standing investments -2.8%; developments -3.0% . Proportionally consolidated LTV down 50bps at 31.6% (march 2016: 32.1%) . Quarterly dividend of 7.3 pence bringing half year dividend to 14.6 pence (+3.0%) . Based on current commitments, group has no requirement to refinance until 2020 . Business has proved resilient in first few months following referendum - CEO . Over 300,000 sq ft under offer across portfolio; in discussions with occupiers from a range of sectors on office developments across all three campuses . Speculative development commitment remains modest at 5%; will proceed more cautiously on other opportunities . Since referendum, seen differing dynamics in markets with leasing momentum maintained in retail, signs of more caution amongst occupiers in offices . In retail, referendum has, as yet, had no discernible impact on occupier demand and letting activity in our portfolio.  Full Article

British Land sees some investors taking more cautious approach after EU vote
Monday, 18 Jul 2016 02:00am EDT 

British Land Company Plc : First quarter trading update . Had a good quarter of activity in lead up to referendum - CEO . Too early to properly assess impact of referendum result on markets in which we operate - CEO . Do expect some occupiers and investors to take a more cautious approach - CEO . Q1 dividend confirmed at 7.30 pence, 3.0 pct ahead of prior year . Strong portfolio: 99 pct occupancy and weighted average lease term of 9 years to first break .Based on current commitments, group has no requirement to refinance for four years.  Full Article

British Land sells Debenhams store on Oxford Street
Thursday, 7 Jul 2016 11:45am EDT 

British Land Company Plc : Has exchanged contracts for sale of 334-348 Oxford Street, London to a private investor for £400 million . Building is let in its entirety to Debenhams until 2039 . Has exchanged on £99 million of further retail disposals since 31 March 2016, including £79 million of superstores, 3.1% ahead of March valuations . Transactions bring total retail disposals since year end to £499 million . Since EU referendum, co has exchanged 11 long term retail leases totalling 50,000 sq ft and £2.1 million of rent on terms agreed prior to referendum .In aggregate these lettings are 4.7% ahead of March 2016 ervs; a further 210,000 sq ft of retail lettings are under offer.  Full Article

British Land says says FY EPRA NAV up 10.9 pct to 919 pence
Monday, 16 May 2016 02:00am EDT 

British Land Company Plc : Total accounting return of 14.2 pct (2014/15: 24.5 pct) . Underlying profit 16.0 pct to 363 mln stg; IFRS PBT of 1,331 mln stg (2014/15 1,789 mln stg) reflecting valuation uplift of 950 mln stg (2014/15 1,582 mln stg) . FY EPRA NAV +10.9 pct to 919 pence (932p pre budget stamp duty increase); IFRS net assets at 9.6 bln stg (2014/15 8.6 bln stg) . Final quarterly dividend of 7.09 pence (+2.5 pct); bringing full year to 28.36 pence (+2.5 pct) . Total portfolio valuation +6.7 pct . ERV growth of 5.3 pct outperforming IPD by 130 bps; 9.6 pct in offices and 2.4 pct in retail; multi-let retail ERV growth of 3.4 pct . Net investment of 280 mln stg into our London campuses .Committed speculative development of 530 mln stg; 2.0 million sq ft near term pipeline.  Full Article

British Land Company contracts for sale of 39 victoria street
Wednesday, 29 Jul 2015 02:02am EDT 

British Land Company PLC:Announced contracts for sale of 39 Victoria Street, SW1 to Singaporean property company Ho Bee Land.Says gross purchase price of 144 million pounds.  Full Article

British Land Company PLC announces first interim dividend
Monday, 20 Jul 2015 02:00am EDT 

British Land Company PLC:Says that first interim dividend payment for quarter ended June 30, 2015, will be 7.09 pence per share, a 2.5 pct. increase on comparable period last year.Says first interim dividend will be paid on Nov. 6, to shareholders on register at close of business on Oct. 2.  Full Article

British Land Company PLC declares dividend
Thursday, 25 Jun 2015 04:00am EDT 

British Land Company PLC:Confirms that fourth interim dividend for 2014/15 of 6.92 pence, as announced on May 14, will be property income distribution (PID).Company will be offering a scrip alternative with this dividend which will be treated as non-property income distribution (Non-PID).Ex-dividend date July 2.Record date July 3.  Full Article

British Land Company PLC announces results of convertible bond offering
Tuesday, 2 Jun 2015 10:44am EDT 

British Land Company PLC:Says final terms of its offering of 350 mln pounds of senior, unsecured Convertible Bonds due 2020.Bonds will have a zero coupon.Says initial conversion price has been set at 1103.32p, a premium of 27.5% above the volume weighted average price of the ordinary shares of the Company between launch and pricing.Settlement is expected to take place on or about June 09.  Full Article

British Land Co PLC announces convertible bond offering
Tuesday, 2 Jun 2015 02:01am EDT 

British Land Co PLC:Says Launch of an offering of 350 million Pounds of senior, unsecured Convertible Bonds due 2020.It intends to use the net proceeds of the offering to fund the 210 million Pounds acquisition of One Sheldon Square, Paddington Central in April 2015, the 135 million Pounds acquisition of Surrey Quays Leisure Park, Canada Water in March 2015, and to fund committed development spending.The Bonds are expected to be issued by British Land (White) 2015 Limited, a wholly-owned subsidiary of the Company incorporated in Jersey (the "Issuer"), and will be guaranteed by the Company.  Full Article

UPDATE 1-Property developer British Land's Q3 occupancy rates dip slightly

Jan 19 Property developer British Land Co Plc reported only a slight decline in occupancy rate 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.