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British Land will emerge from the pandemic intact despite collecting less than half the rent it is owed for December, according to a City analyst.
The pandemic has wiped almost £1bn off commercial landlord British Land’s (BLND) portfolio after retailers were forced to close and offices lay empty. The FTSE 100 firm said the value of its portfolio of offices and shops had fallen from £11.2bn in March to £10.3bn by the end of September. The structural challenges in retail [...]
Property developer British Land has today announced that chief executive Chris Grigg will step down after 11 years at the helm. Simon Carter, who is currently the firm’s finance chief, will take over the top job, it added. Carter returned to British Land in 2018 after spells as the finance chief at European warehouse business [...]
British Land reported widening losses in the first half of the year, driven by a fall in value in its retail portfolio amid a string of store closures and rent reductions. The figures Underlying profit fell 10.1 per cent to £169m and the company’s loss after tax increased from £48m to £404m. Read more: British [...]
Tower Hamlets has rejected planning permission for a major new development put forward by British Land. The council threw out proposals for the Norton Folgate scheme, otherwise known as the Shoreditch Estate, during last night's strategic development committee. Had it been successful, the development would have comprised 320,000 sq ft of office, residential [...]
The Cheesegrater, Broadgate and Facebook's new Euston Road premises have contributed to a solid first quarter performance at British Land. The figures The landlord reported strong occupational demand, with lettings well ahead of estimated rental value. In total during the three months the group agreed 129,000 sq ft of retail lettings or renewals, and [...]
Steelmaker Severfield said yesterday that the cost of replacing bolts in the Cheesegrater building, after five broke, is likely to hit £6m. There are around 3,000 bolts in the City skyscraper, formally known as the Leadenhall building, and most will be replaced, chief executive Ian Lawson told City A.M. “These bolts were a specialist [...]
British Land, one of the UK's biggest developers, has launched a £350m convertible bond. The senior, unsecured convertible bonds, due in 2020, will be used to fund its acquisition of two central London properties and future spending. The developer splashed £210m on increasing its ownership of One Sheldon Square in Paddington in April, and bought [...]
British Land and Oxford Properties, the developers behind the Cheesegrater (aka Leadenhall Building), confirmed three new lettings across seven floors of the building – including new TSB owner Banco Sabadell. Among the new signings are insurance giant Brit, which has signed a 15 year lease to occupy 66,300 sq ft across five storeys – 16 [...]
The figures: British Land said that underlying profit before tax rose 5.4 per cent to £313m for this financial year, up from £297m a year earlier. Diluted underlying earnings per share rose 4.1 per cent to 30.6p, an increase from 29.4p in 2014. The developer's total portfolio valuation rose by 12.1 per cent to £13.63bn. This was [...]
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