GRAHAM JONES | ARBUTHNOT
Ordinarily these would be regarded as good results from British Land, but following the blockbuster results posted by Land Securities these look pedestrian. Performance was similarly driven by developments which increased in value 21.8 per cent, reflecting the positive sentiment in the lettings market.
JOHN CAHILL | EVOLUTION
The result squarely meets expectations... with a strong growth in rents. However, Land Securities has a stronger development pipeline on its London properties. As such we remain comfortably “neutral” on British Land, and “buy” Land Securities.
MARK HUGHES | PANMURE
The stock is trading on a premium to reported net asset value. We have been buyers of the stock following a good run in the share price, it is looking up with events. Income funds will no doubt still be attracted by its 4.3 per cent dividend yield. However, our recommendation moves from “buy” to “hold”.