The importance lies in what British Land didn’t say, rather than the contents of the results. The firm said it’s doing exciting things in the long term, but competitors like Hammerson have got big plans in the works now. It has £3bn of debt facilities and doesn’t need to rely on big deals in the future.
TINA COOK | CHARLES STANLEY
The net asset value growth was driven by an increase in property values, which seems to have disappointed the market. Occupancy remains high and the firm seems focused on development, though opportunities have been scarce. It continues to progress in what it hopes is a rising office rental market
HARM MEIJER | JP MORGAN
I think the results are just fine ??– from an operational point of view they were a bit stronger. The disappointment in the market is coming from the fact that British Land is the first company to show that property operations are starting to slow, but it’s more of a sector-wide warning. For us it was expected.