Dividend Increase 042: British Land

 

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British Land third quarter trading update

Chris Grigg, Chief Executive said: “British Land has had a positive quarter reflecting the strong positioning of our portfolio and our engagement with occupiers and consumers. We have completed over 400,000 sq ft of lettings across the business and are progressing discussions with a broad range of occupiers. Retail footfall and sales growth continue to outperform industry benchmarks and we have made further disposals of non-core assets and residential units ahead of valuation. The business is well placed; we remain mindful of potential headwinds going forward.”

Quality portfolio attracting strong occupier demand

  • 314,000 sq ft of Retail lettings and renewals, 8.7% ahead of ERV; a further 189,000 sq ft under offer.
  • Retailer sales for the quarter were up 0.6% year on year outperforming the benchmark by 200 bps; footfall for the quarter was -0.6% year on year outperforming the benchmark by 220 bps.
  • 51,000 sq ft of Office lettings and renewals, in-line with ERV. 7 Clarges Street offices now over 80% let or under offer at an average rent of £113 psf, in line with pre-referendum ERVs.
  • Leasing discussions with a wide range of occupiers are progressing across our London campuses; ten major discussions are under way totalling 1.4 million sq ft.
  • Enabling works commenced on the 520,000 sq ft redevelopment of 100 Liverpool Street.

Further disposals ahead of valuation

  • £119 million disposals exchanged in the quarter including £85 million of non-core Retail and Office disposals 2% ahead of September 2016 valuations; £191 million Retail portfolio sale previously announced completed in January 2017.
  • £34 million of Residential disposals exchanged 10% ahead of valuation including sales at Aldgate Place and one further apartment at Clarges Mayfair.

Resilient positioning with secure income and robust finances

  • High quality, diverse occupier base with 97% occupancy and an average lease length of 8 years; speculative development commitment remains at 5% of the portfolio.
  • Proportionally consolidated LTV at 30.5% based on September 2016 valuations, including sales completed post period end (September 2016: 31.6%) with weighted average interest rate of 3.3% (September 2016: 3.2%). Based on current commitments the Group has no requirement to refinance until 2020.
  • Third quarter dividend confirmed at 7.30 pence, 3.0% ahead of prior year.

British Land fa parte del gruppo “Immobiliare”  del portafoglio Black Dog.

Ad oggi l’investimento in British Land corrisponde al 1.3% dell’intero portafoglio.


 

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