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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  British Land    BLND   GB0001367019

BRITISH LAND (BLND)
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British Land : NAV rises on strong London office demand

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05/17/2018 | 09:11am CEST

(Reuters) - British Land Co reported a 5.7 percent rise in full-year net asset value on Thursday, helped by strong performance in its London office business.

Britain's second-largest listed property developer said it expected demand in London to remain firm as the supply of high-quality new office space is relatively constrained.

Property developers have been faced with uncertainty in the backdrop of Britain's pending exit from the European Union as financial firms, which are large occupiers of London offices, have made plans to move work out of Britain.

"Initial estimates for Brexit-related job losses in the financial sector have been substantially lowered and financial services companies have continued to take space, although media and technology companies are now a more significant source of demand," British Land said.

The company's London office business portfolio value rose 4.5 percent, helped by higher leasing activity.

However, British Land said the overall market remained cautious in the backdrop of a challenging retail environment with many occupiers facing short-term headwinds.

British Land, which said earlier this month it was selling its third-party portfolio within its property management business Broadgate Estates to Savills, said its retail business remained a core part of its operations.

EPRA net asset value, a key industry metric that reflects the value of a firm's buildings, rose 5.7 percent to 967 pence for the year ended March 31.

Underlying profit, however, fell 2.6 percent to 380 million pounds for the year as a result of sale of assets over the last two years.

(Reporting by Radhika Rukmangadhan in Bengaluru ; Editing by Vyas Mohan and Gopakumar Warrier)

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Financials ( GBP)
Sales 2019 595 M
EBIT 2019 441 M
Net income 2019 -50,6 M
Debt 2019 3 939 M
Yield 2019 4,57%
P/E ratio 2019 90,63
P/E ratio 2020 20,38
EV / Sales 2019 17,8x
EV / Sales 2020 19,2x
Capitalization 6 670 M
Chart BRITISH LAND
Duration : Period :
British Land Technical Analysis Chart | BLND | GB0001367019 | 4-Traders
Technical analysis trends BRITISH LAND
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 7,16  GBP
Spread / Average Target 5,4%
EPS Revisions
Managers
NameTitle
Christopher Grigg Chief Executive Officer & Executive Director
John Gildersleeve Non-Executive Chairman
Joff Sharpe Head-Operations
Timothy Andrew Roberts Executive Director, Head-Offices & Residential
Charles Sheridan Alexander Maudsley Executive Director, Head-Retail & Leisure
Sector and Competitors
1st jan.Capitalization (M$)
BRITISH LAND-1.00%8 915
EQUINIX INC-15.45%30 545
UNIBAIL-RODAMCO-8.43%22 480
DIGITAL REALTY TRUST-6.40%21 948
THE LINK REAL ESTATE INVESTMENT TRUST0.00%19 002
REALTY INCOME CORPORATION-8.26%15 067

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