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British Land Company PLC (BLND.L)

BLND.L on London Stock Exchange

8 Dec 2017
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12.50 (+1.95%)
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Latest Key Developments (Source: Significant Developments)

British Land Co to sell Leadenhall Building to C C Land for £1.15 bln
Wednesday, 1 Mar 2017 06:08am EST 

British Land Company Plc : British Land and Oxford Properties exchange contracts for sale of Leadenhall building to C C Land . Deal for a headline price of £1.15 billion . Consideration will be received in cash and apportioned in equal shares to British Land and Oxford Properties . Disposal is slightly dilutive to British Land's earnings per share and slightly accretive to its net asset value per share . Proceeds received by co for its interest will initially be used to pay down revolving credit facilities, pending redeployment .British Land, Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.  Full Article

China's CC Land in talks to buy London's Cheesegrater for one billion pounds- FT, citing a source
Tuesday, 28 Feb 2017 05:28am EST 

: China's CC Land in talks to buy London's Cheesegrater for 1 billion pounds- FT, citing a source Source: http://on.ft.com/2lRiMdA Further company coverage: [1224.HK] ((Bangalore.newsroom@thomsonreuters.com ;)).  Full Article

British Land says in talks to sell interest in Leadenhall Building
Tuesday, 28 Feb 2017 02:55am EST 

British Land Company Plc : Discussions on sale of the Leadenhall Building .Confirms that it and its JV Partner in advanced discussions regarding possible sale of their interests in Leadenhall Building.  Full Article

British Land says 7 Clarges Street office over 80 pct let
Tuesday, 31 Jan 2017 02:00am EST 

British Land Company Plc : Lettings at 7 Clarges Street on over 80 pct of office space . Office space at 7 Clarges Street is 83 percent let, having secured terms with Capula Investment Management, Quantum Pacific, Fortress Investment Group .CBRE advised British Land on 7 Clarges Street.  Full Article

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

Fitch Affirms Hammerson Plc at 'BBB+'; Outlook Stable

(The following statement was released by the rating agency) LONDON, November 30 (Fitch) Fitch Ratings has affirmed Hammerson Plc's (Hammerson) Long-Term Issuer Default Rating (IDR) at 'BBB+', Short-Term IDR at 'F2' and senior unsecured rating at 'A-'. The Outlook on the Long-Term IDR is Stable. Hammerson's prime portfolio of UK, French and Irish shopping centres demonstrate high occupancy ratios (around 98%) and stable rental income. The company's recent conversion of loan assets into prime Dubl