MICHAEL BURT | LIBERUM CAPITAL
“The interims are what we had hoped for. The 4.5 per cent first half net asset value (NAV) growth is around one per cent ahead of our forecast and also represents meaningful outperformance of Land Securities in both retail and offices...We remain buyers.
MIKE PREW | JEFFERIES
“The net asset value beat our forecast which was around consensus by 10p which was up 4.5 per cent year on year with developments up nine per cent. The quarterly dividend of 6.75p takes the half year to 13.5p (up 2.3 per cent) which was again a small but unexpected positive.
JAMES CARSWELL | PEEL HUNT
“Both British Land and Land Securities (Tuesday) were ahead of our expectations with interim NAV growth more in-line with our full-year expectations. Recent acquisitions including the Shoreditch Estate have helped close the gap on Land Securities’ Victoria based development pipeline and the dividend remains larger.