ANALYST VIEWS | HOW IS BRITISH LAND PLACED FOR GROWTH COMPARED TO RIVALS?
ALISON WATSON LIBERUM CAPITAL
A solid set of results. The NAV of 595p was broadly in line with our 592p forecast. The underlying portfolio grew 2.6 per cent (Land Secs two per cent) with a slowdown in growth in the second half. The key driver was the achievement of a number of important milestones in its office development programme.
JONATHAN JACKSON KILLIK & CO
Management remain cautious in their outlook…but expect London to outperform the rest of the UK…Shares trade at an 18 per cent discount to today’s NAV, in line with Land Securities, which remains better placed to benefit from the impending supply/demand imbalance in the central London office market.
KEITH CRAWFORD PEEL HUNT
Today’s result, like that from Land Securities on 16 May is muted. Almost all of the NAV and property uplift is from the first half, and little new news is announced. However, the office development sites were up 18 per cent in the year. British Land expects a further £192m of gains to flow through.