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British Land Company PLC (BLND)

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dealtn
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Re: British Land Company PLC (BLND)

#404164

Postby dealtn » April 14th, 2021, 12:38 pm

idpickering wrote:Operational Update

https://www.investegate.co.uk/british-l ... 00083697V/


"We have executed £1.3bn of capital activity since 1 April 2020. This includes £1.2bn of sales, overall 6.1% ahead of book value ... "

NAV at March 2020 774p Current Share Price 510p

It's possible they are only selling properties at > NAV and retaining all those significantly < NAV or maybe the share price will catch up with the above NAV (and presumably 774p) at some point?

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Re: British Land Company PLC (BLND)

#404172

Postby MDW1954 » April 14th, 2021, 12:58 pm

csearle wrote:
MDW1954 wrote:Rather late to the urban logistics opportunity, IMHO. BBOX, WHR, SHED, RGL, MCKS etc etc got there first.
Is urban logistics in this sense basically warehousing within cities? C.


More usually, warehousing and distribution very close to cities, rather than actually inside them.

MDW1954

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Re: British Land Company PLC (BLND)

#404178

Postby dealtn » April 14th, 2021, 1:15 pm

MDW1954 wrote:
csearle wrote:
MDW1954 wrote:Rather late to the urban logistics opportunity, IMHO. BBOX, WHR, SHED, RGL, MCKS etc etc got there first.
Is urban logistics in this sense basically warehousing within cities? C.


More usually, warehousing and distribution very close to cities, rather than actually inside them.

MDW1954


My records of BLND have warehouse ownership back to the 1960s. It's possible that is late of course without knowing of other companies earlier records.

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Re: British Land Company PLC (BLND)

#415200

Postby idpickering » May 26th, 2021, 7:25 am

Final Results

Here; https://www.investegate.co.uk/british-l ... 00067998Z/

Also posted on HYPP.

Ian.

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Re: British Land Company PLC (BLND)

#427243

Postby idpickering » July 13th, 2021, 7:09 am

British Land Operational Update

Following the latest quarter date for rental payments on 24 June, British Land is providing the following operational update to coincide with our AGM.

· Strong operational performance

o 183,000 sq ft campus lettings in the first quarter including 134,000 sq ft to JLL at 1 Broadgate; under offer on a further 419,000 sq ft

o Across our Retail portfolio, footfall and sales 86% and 94% of pre pandemic levels in the 7 weeks since the reopening of indoor hospitality on 17 May

o Retail parks continuing to clearly outperform; footfall and sales 96% and 99% of pre pandemic levels

· Improved rent collection

o 85% of June 2021 rent collected to date; Offices 99%, Retail 71%; Retail collection 24ppt ahead of rent collection at the same point for the December quarter and 17ppt ahead of the same point for the March quarter

o March rent collection now 91% overall, 99% in Offices and 85% in Retail


https://www.investegate.co.uk/british-l ... 00039940E/

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Re: British Land Company PLC (BLND)

#427254

Postby dealtn » July 13th, 2021, 7:54 am

https://www.investegate.co.uk/british-l ... 00039940E/

We continue to see good interest on our development space and, at Storey, viewings and enquiries are above pre pandemic levels.

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Re: British Land Company PLC (BLND)

#437528

Postby daveh » August 26th, 2021, 10:08 am

Strategic update:
https://www.investegate.co.uk/british-l ... 00028116J/

British Land delivers further strategic progress with £350m of capital activity



· Exchanged on the acquisition of Peterhouse Technology Park, Cambridge and The Priestley Centre, Guildford, increasing our exposure to innovation sectors

· Acquisition of the Finsbury Square Car Park and the Thurrock Shopping Park, creating development opportunities for urban logistics

· Sale of Virgin Active Chiswick and part sale of Woodfields Retail Park, Bury and under offer on the sale of Wardrobe Court, EC4



Our strategy is to more actively focus our capital on two strategic themes, Campuses and Retail & Fulfilment.

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Re: British Land Company PLC (BLND)

#437532

Postby Dod101 » August 26th, 2021, 10:18 am

daveh wrote:Strategic update:
https://www.investegate.co.uk/british-l ... 00028116J/

British Land delivers further strategic progress with £350m of capital activity



· Exchanged on the acquisition of Peterhouse Technology Park, Cambridge and The Priestley Centre, Guildford, increasing our exposure to innovation sectors

· Acquisition of the Finsbury Square Car Park and the Thurrock Shopping Park, creating development opportunities for urban logistics

· Sale of Virgin Active Chiswick and part sale of Woodfields Retail Park, Bury and under offer on the sale of Wardrobe Court, EC4



Our strategy is to more actively focus our capital on two strategic themes, Campuses and Retail & Fulfilment.


It looks as if they are adapting to the new reality. Sounds as if the car park and Thurrock Shopping park are for the chop.

Dod

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Re: British Land Company PLC (BLND)

#458681

Postby daveh » November 17th, 2021, 9:25 am

Half year results:

https://www.investegate.co.uk/british-l ... 00066047S/

Simon Carter, CEO said: "We have delivered good financial and operational performance. Strong leasing activity, significantly improved rent collection and increasing values across our Campuses and Retail Parks have driven 6.1% total returns in the half.

Current market trends reinforce the conviction we have in our strategy, and we are already seeing the benefits of our decision to focus on our unique campus proposition, the value play in retail parks and urban logistics development in London. Innovative growth businesses are focused more than ever on the highest quality, most sustainable workspace which we deliver at our Campuses. We expect the value opportunity in retail parks to continue with rents stabilising and yields moving in. The fundamentals for urban logistics development to support last mile delivery in London remain excellent.

In the last six months we have made good progress recycling capital from mature assets into our 1.6m sq ft development programme and £501m of acquisitions. We look ahead with confidence in our ability to drive performance from our development, asset management and repositioning skills."


Performance summary
Delivering against our strategy - actively recycling capital into growth markets
- £814m total capital activity behind our strategy since 1 April 2021

- £102m of acquisitions in Cambridge and Guildford, building our exposure to innovation sectors

- £189m of acquisitions with potential for urban logistics in London, total GDV of urban logistics pipeline of c.£600m

- £210m investment into retail parks, leveraging the value play opportunity

- 718,000 sq ft of new Campus development commitments bringing total development on site to 1.6m sq ft

- £196m sales of dry or mature assets; 6.0% ahead of book value

Good operational performance with positive market trends supporting strategic activity
- Portfolio value up 2.9% with Campuses up 3.0% and Retail & Fulfilment up 2.7% driven by Retail Parks up 7.1%

- 15 bps yield contraction overall; 6 bps yield contraction in Campuses; 54 bps in Retail Parks; rate of yield expansion slowing in Shopping Centres

- 1.8m sq ft leasing activity across the portfolio

- Strong rent collection: 96% for the half, close to pre-pandemic levels in retail, with offices fully collected

- Footfall and sales on our Retail portfolio 89% and 98% (97% and 98% for Retail Parks) of pre pandemic levels respectively; footfall 879bps ahead of benchmark

Good financial performance and strong balance sheet driven by strategic and operational progress
- Underlying EPS up 22.9% reflecting a significant reduction in provisions in the half

- EPRA Net Tangible Assets (NTA) up 5.1% to 681p

- HY22 dividend of 10.32p per share, representing 80% of underlying EPS

- 6.1% Total Accounting Return for the half

- LTV at 33.4% with 43% headroom to Group debt covenants

- £1.5bn undrawn facilities and cash with no requirement to refinance until late 2024

- Fitch affirmed senior unsecured credit rating at 'A'

Further progress against 2030 sustainability strategy
- Delivered our second net zero carbon development at 1 Triton Square

- 100 Liverpool Street named Green Building Project of the Year by BusinessGreen

- Community Funds established in partnership with occupiers at Paddington Central and Broadgate, following the success of our Regent's Place Community Fund

- New Diorama Theatre launched at Broadgate following its success at Regent's Place

- First UK REIT to achieve the Disability Smart Standard from the Business Disability Forum

- Awarded GRESB 5* rating and AAA rating from MSCI

Progress against our priorities
Realising the potential of our Campuses
- Total lettings and renewals at 819,000 sq ft; including 315,000 sq ft to Facebook at 1 Triton Square and 129,000 sq ft pre-let to JLL at 1 Broadgate with a further 254,000 sq ft pre-let to Allen & Overy post period end

- Lettings and renewals over one year on the standing portfolio 6.1% ahead of ERV

- Under offer on a further 330,000 sq ft

- Recently completed and committed developments 41% pre-let or under offer generating £91m of rent when fully let; committed office space 46% pre-let or under offer

- Storey operational across 345,000 sq ft (c.5% of Campuses); occupancy on stabilised space increased to 81%

- Acquisition of £102m of assets in Cambridge and Guildford leveraging our Campus proposition and increasing our exposure to innovation sectors

Progressing value accretive development
- Delivered 1 Triton Square, our second net zero carbon development which is fully let to Facebook

- New development commitments of 718,000 sq ft across Canada Water and Aldgate Place, Phase 2

- Total committed development covering 1.6m sq ft

- 1 Broadgate offices space fully pre-let or under option (see note 1)

Targeting the opportunities in Retail & Fulfilment
- Total leasing activity of 1m sq ft; occupancy high at 95.9%

- 632,000 sq ft of deals over one year; in line with ERV, 18.5% below previous passing rent;

- 571,000 sq ft under offer, 6.6% above ERV

- Acquired £189m of assets with urban logistics potential, including Heritage House, Enfield; Finsbury Square car park and Thurrock Retail Park; total GDV of urban logistics pipeline of c.£600m

- Acquired £210m of other retail parks including Blackwater Shopping Park in Farnborough and the remaining interest in HUT, targeting the value opportunity in retail parks

Active capital recycling
- £196m assets sold, including £117m retail sales and £79m residential sales

- Reinvesting proceeds into value accretive acquisitions and development

- Total financing activity of £527m including £420m new 'Green Loan' and £107m bond redemption


and

3. Dividends
In October 2020, we announced our new dividend policy, setting the dividend as semi-annual and calculated at 80% of Underlying EPS based on the most recently completed six-month period. Applying this policy, the Board are proposing an interim dividend for the six-month period ended 30 September 2021 of 10.32p per share. Payment will be made on Friday 7 January 2022 to shareholders on the register at close of business on Friday 26 November 2021. The dividend will be a Property Income Distribution and no SCRIP alternative will be offered.

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Re: British Land Company PLC (BLND)

#458693

Postby dealtn » November 17th, 2021, 10:00 am

Campus leasing activity rebounded strongly with 819,000 sq ft of lettings and renewals, 6.1% ahead of ERV


In Retail & Fulfilment, we delivered more than 1m sq ft of leasing activity including 632,000 sq ft of long term deals. Encouragingly, we are letting ahead of ERV on Retail Parks (+1.8%) whilst on Shopping Centres, deals were 2.7% below ERV.


We have identified three key themes in urban logistics and have made good progress against each: ... Including the opportunities identified above and those on our portfolio, the estimated gross development value of our urban logistics opportunities is c.£600m with a blended forecast IRR from acquisition of c.15%


We have sold £196m of assets since April 2021, 6.0% ahead of book value and expect to make further disposals this year


Outlook

Current market trends reinforce the conviction we have in our strategy. The trend towards more flexible working has clearly accelerated during Covid and office demand is more firmly polarising towards the highest quality most sustainable space. This is exactly what we deliver at all our Campuses, where we also benefit from strong demand from innovative growth sectors. Over the next 12 months, our central case is for rental growth on our Campuses of 0-3% with yield compression likely.

We expect the value play opportunity in retail parks to continue, driven by reducing yields and rent stabilisation including some rental growth for small, well located parks. In Shopping Centres, valuation decline has slowed, and we expect to see continued yield stabilisation with the rate of ERV decline also slowing. The market for urban logistics assets to support last mile delivery in London remains excellent and we expect continued strong rental growth with further yield compression possible.


Plenty more to read in the RNS, and in particular I like the development opportunities in Southwark and other campuses. Logistic developments at Meadowhall and elsewhere mentioned too look interesting.

As is usual the share price is trading (but up) at a significant discount to NAV. However, this time NAV is rising, whilst in the past in could be argued the share price was pricing in, and ahead of, further NAV falls. Somewhat less credible to be arguing this now with prices and inflation rising.

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Re: British Land Company PLC (BLND)

#477939

Postby idpickering » February 2nd, 2022, 7:28 am

Urban Logistics Acquisition

British Land acquires £157m 12.5 acre site in North London bringing the urban logistics development pipeline to over £1bn

British Land announces that it has exchanged on the acquisition of three warehouses at Hannah Close, in Wembley for £157m with completion expected by mid February. This is a development-led opportunity which aligns to our strategy of delivering new urban logistics space through the intensification and repurposing of existing buildings. It is well located within the M25, just outside the North Circular, providing an excellent, medium term opportunity to deliver a multi-storey, urban logistics hub for Central and West London, where supply is highly constrained.

The three warehouses comprise over 245,000 sq ft on a 12.5 acre site and are fully let to Amazon, Euro Car Parts and the North London Waste Authority generating an annual income of £3.6m with significant reversion. The area around Hannah Close is designated a Strategic Industrial Land location, promoting industrial employment and development and offers excellent road and rail connectivity, essential for last mile urban logistics operators. It also provides good access to the underground, helping to attract employees to the location.

Simon Carter, CEO British Land said: "This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing. Wembley is ideally located for vehicles coming into London and subsequently out for delivery with excellent access to affluent parts of the capital.


https://www.investegate.co.uk/british-l ... 00093922A/

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Re: British Land Company PLC (BLND)

#477992

Postby MDW1954 » February 2nd, 2022, 11:03 am

Yet again, late to the party. Which as a shareholder, saddens me.

Investors in BBOX, SHED, WHR, EBOX, ASLI et al have prospered while the BLND board dozily look on.

MDW1954

Full disclosure: of that list, the only one I don't hold is SHED.

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Re: British Land Company PLC (BLND)

#478000

Postby Dod101 » February 2nd, 2022, 11:21 am

MDW1954 wrote:Yet again, late to the party. Which as a shareholder, saddens me.

Investors in BBOX, SHED, WHR, EBOX, ASLI et al have prospered while the BLND board dozily look on.

MDW1954

Full disclosure: of that list, the only one I don't hold is SHED.


In the 'et al' you will no doubt include Segro which has been a much better investment than B land or Land Securities. The trouble with B Land is of course that it is a bit like an oil tanker. At least they now seem to be recognising where the action is but they still have a lot of what I might term legacy assets.

Dod

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Re: British Land Company PLC (BLND)

#478019

Postby dealtn » February 2nd, 2022, 12:03 pm

MDW1954 wrote:Yet again, late to the party. Which as a shareholder, saddens me.

Investors in BBOX, SHED, WHR, EBOX, ASLI et al have prospered while the BLND board dozily look on.

MDW1954

Full disclosure: of that list, the only one I don't hold is SHED.


Define late. BLND owning warehouses since the 1960s.

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Re: British Land Company PLC (BLND)

#478026

Postby monabri » February 2nd, 2022, 12:14 pm

Looking at the 5 year shareprice history I'm surprised that it has held up as much as it has (3rd Feb 2017 - shareprice 586p, currently 549p) with a dividend that is "knit one - perl one".

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Re: British Land Company PLC (BLND)

#478160

Postby MDW1954 » February 2nd, 2022, 9:01 pm

dealtn wrote:
Define late. BLND owning warehouses since the 1960s.


We're talking urban logistics, here. Like Sarf London.

So 2016 (when Urban Logistics floated), or 2017 (when Warehouse REIT floated).

BLND is holding shopping centres and office blocks when it ought to be holding logistics parks and urban warehouses. And don't get me going on Big Boxes: BLND is way, way too late for those. The best motorway junctions have already been taken.

MDW1954 (something of a logistics and supply chain specialist in real life)

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Re: British Land Company PLC (BLND)

#485060

Postby daveh » March 8th, 2022, 8:06 am

Canada Water JV
https://www.investegate.co.uk/british-l ... 00069412D/

British Land and AustralianSuper announce new Joint Venture to accelerate delivery of the Canada Water Masterplan

British Land and AustralianSuper are pleased to announce the sale of 50% of British Land's share in the Canada Water Masterplan (the "Masterplan") to AustralianSuper for £290m.[1] Following completion of the sale, British Land and AustralianSuper formed a 50:50 joint venture (the "JV") to accelerate the delivery of this 53 acre development, which is one of the largest and most sustainable London regeneration projects in history. This transaction values British Land's interest prior to the sale at £580m.

AustralianSuper is Australia's biggest profit-to-member pension fund with more than £140bn in member assets under management and a growing presence in the UK property landscape.

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Re: British Land Company PLC (BLND)

#485088

Postby dealtn » March 8th, 2022, 9:29 am

daveh wrote:Canada Water JV
https://www.investegate.co.uk/british-l ... 00069412D/

British Land and AustralianSuper announce new Joint Venture to accelerate delivery of the Canada Water Masterplan

British Land and AustralianSuper are pleased to announce the sale of 50% of British Land's share in the Canada Water Masterplan (the "Masterplan") to AustralianSuper for £290m.[1] Following completion of the sale, British Land and AustralianSuper formed a 50:50 joint venture (the "JV") to accelerate the delivery of this 53 acre development, which is one of the largest and most sustainable London regeneration projects in history. This transaction values British Land's interest prior to the sale at £580m.

AustralianSuper is Australia's biggest profit-to-member pension fund with more than £140bn in member assets under management and a growing presence in the UK property landscape.


Above book value

Financial effects for British Land

The gross asset value for the entire Masterplan is £474m as at 30 September 2021 and the net rental income attributable to the assets was £5.4m in FY 2021. We expect the transaction to be broadly earnings neutral for FY22 and FY23. The transaction will result in a c.5p per share increase in NTA per share and will reduce leverage by 220bps.

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Re: British Land Company PLC (BLND)

#496261

Postby idpickering » April 25th, 2022, 7:27 am

British Land sells 75% stake in the majority of its Paddington Central assets to GIC for £694m.

British Land is pleased to announce we have exchanged on the sale of a 75% interest in the majority of our Paddington Central assets to GIC. This transaction establishes a new joint venture (the "Joint Venture") with ownership split 75:25 for GIC and British Land respectively. Completion is unconditional and will be within three months. The total consideration of £694m, is 1% below September 2021 book value and represents a NIY of 4.5%.

This transaction delivers against one of our key strategic priorities of proactively recycling capital out of mature assets where we have created considerable value. Proceeds from the transaction will be invested into value accretive development opportunities we own across our portfolio as well as growth areas including development-led urban logistics in London and innovation campuses.

This latest partnership is another example of how we identify opportunities to drive value from our best-in-class operational platform. We will continue to act as asset manager for the campus and development manager for future opportunities including 5 Kingdom Street for which we will earn fees.


https://www.investegate.co.uk/british-l ... 00071283J/

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Re: British Land Company PLC (BLND)

#496267

Postby dealtn » April 25th, 2022, 8:29 am

idpickering wrote:British Land sells 75% stake in the majority of its Paddington Central assets to GIC for £694m.

British Land is pleased to announce we have exchanged on the sale of a 75% interest in the majority of our Paddington Central assets to GIC. This transaction establishes a new joint venture (the "Joint Venture") with ownership split 75:25 for GIC and British Land respectively. Completion is unconditional and will be within three months. The total consideration of £694m, is 1% below September 2021 book value and represents a NIY of 4.5%.

This transaction delivers against one of our key strategic priorities of proactively recycling capital out of mature assets where we have created considerable value. Proceeds from the transaction will be invested into value accretive development opportunities we own across our portfolio as well as growth areas including development-led urban logistics in London and innovation campuses.

This latest partnership is another example of how we identify opportunities to drive value from our best-in-class operational platform. We will continue to act as asset manager for the campus and development manager for future opportunities including 5 Kingdom Street for which we will earn fees.


https://www.investegate.co.uk/british-l ... 00071283J/


Not sure what to think of this. Positive I think depending how they recycle the capital.

A property company with a NAV per share of close to £7 selling assets at 99% of NAV should be a reminder to the market a share price of £5 is too low. Of course if it is only selling the best bits and the remainder is worth a lot less than NAV the market might have a point. I can't see any evidence of that kind of portfolio though.

Maybe the right strategy is to fully liquidate everything and distribute the cash. Can't see any Director in a listed entity taking that approach and effectively making themselves redundant though, despite the uplift to all the shares they own.


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