are property prices on the way down because blnd is showing a slide to the down side

DATAWATCH Weak house price survey points to sharp slowdown in UK housing mkt




LONDON (Thomson Financial) - A sharp fall in the house price balance of a
key property survey suggests the downturn in the UK housing market could turn
out to be much sharper than analysts had initially been predicting.
In its monthly survey of the housing market, the Royal Institution of
Chartered Surveyors said 14.6 pct more of its members reported a fall rather
than a rise in house prices. This is the largest drop in the balance for two
years, and well above expectations for a more moderate fall of -3.0 pct.
Most UK economists have been expecting the housing market - which has seen
buoyant growth in recent years - to slow on the back of the Bank of England's
125-basis point worth of interest rate hikes over the past year, exacerbated by
this summer's financial market turmoil.
However the majority expected the downturn to be relatively moderate, with
some saying prices were still set to grow further, just at a slower rate. But
today's figures suggest a significant slowdown in the housing market could now
be on the cards.
"The survey not only adds to the currently markedly growing evidence that
the housing market is now faltering significantly, but it is also likely to
heighten concern that the correction could ultimately be sharp," said Howard
Archer, UK economist at Global Insight.
While monthly surveys can sometimes prove to be slightly erratic, the
forward looking indicators of the RICS survey provide little comfort to
homeowners.
New buyer enquiries declined for the tenth consecutive month and at the
fastest pace since March 2003, with 51 pct more chartered surveyors reported a
fall than a rise, up on the 39 pct reported in August. Meanwhile new
instructions declined for the fourth consecutive month at the fastest pace since
June.
George Buckley, UK economist at Deutsche Bank, said rises in mortgage rates
mean prices are likely to fall over the course of next year.
"While mortgage rates did not rise between the end of August and the end of
September according to the latest BoE figures, rates have still risen notably
over the last two years and this should have the effect of curtailing demand
more significantly," he said.
The BoE's series of interest rate rises was partially aimed at curbing the
rapid rate of house price growth in a bid to keep the annual rate of CPI
inflation at its 2.0 pct target. The question now is whether their tightening
has had the effect they intended, or whether the adjustment in the market will
be the catalyst that leads to rates being cut.
"With these data clearly pointing to housing having shifted down a gear, and
with this development promising to limit appetite for secured borrowing (a
mainstay of the UK consumer) this report supports our view that activity data in
the coming months will prove sufficiently soft to pave the way for an ease from
the BoE in the first quarter of 2008," said Richard McGuire, at RBC Capital
Markets.

I understand a 14 bid is being prepared, can anyone else corroborate?

3rd Quarter Results

Announcement re rights issue.

The British Land Company PLC -7th April 2009

BRITISH LAND SIGNS FIRST MAJOR PRE-LETS FOR ROPEMAKER

"The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Securities International plc have signed a pre-letting agreement for up to 38% per cent of British Land's new
586,000 sq ft Ropemaker office development in the City of London, EC2.
The 20-storey office building, one of British Land's most sustainable City developments yet, will achieve practical completion in early summer and will see The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and Mitsubishi UFJ Securities International plc (MUSI) take 186,517 sq ft accommodation across nine floors with options for a further 42,654 sq ft.

Chris Grigg, Chief Executive, British Land said: 'We are delighted to welcome The Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Securities International, with whom we have longstanding relationships, to our newest City office development. The agreement is very welcome progress, representing some 50 per cent of City office space taken up so far this year, and is in line with our target to let one third of new space prior to completion. Ropemaker's range of floor plates and roof gardens are on a scale and quality unparalleled in the City.'

The average initial rent is 46.50 per sq ft on a lease term of 20.5 years with a minimum uplift to 52.50 per sq ft at first review in 2014. An initial rent free period of 48 months from practical completion will be granted to both BTMU and MUSI. The banks will be co-locating from their existing buildings at Finsbury Circus and No.6 Broadgate. During Q4 2010, MUSI will surrender 112,000 sq ft at No.6 Broadgate, where the lease is due to expire in 2013."

Ive just bought aswell this afternoon on this info....

Two very recent Buys from brokers on the stock and a hold ..

British Land Co PLC

FORECASTS
2010 2011
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

SG Securities
30-07-09 BUY 26.92 26.00 24.38 25.00

Exane BNP Paribas
30-07-09 HOLD 241.00 27.60 26.00 266.00 30.43 27.50

KBC Peel Hunt Ltd
29-07-09 BUY 258.28 31.56 26.00 286.40 34.87 27.00

SP up through resistance at 440p now an attack on 470p and 500p to negotiate.

Momentum behind this one with house and land prices stabalising.

Trying 470.

Yep going nicely skinny.

Good to see an inverse head and shoulders pattern on the chart that should if we go by the TA code give us a least a 750p sp target to aim at.

Stock is presently flirting with the 500p resistance line and once through this on a end of day basis its chocks away I reckon.

here's a simpler chart for idiots like me!
500 is an obvious resistance which needs to be broken before buying (i think)

Hi cyners yep its been through it earlier today but fell back a little on US futures dancing.

Reckon once through this should be a real corker.

Triple top? Eeeek!

is that good or bad?
i guess if it can break upwards through 500, then it could go like a champagne cork.
arguably worth taking a position with a view to cutting out should sp suddenly fall to say 440, being a few pennies below 200 dma

Arguably the highs from Feb, May and today are a potential triple top reversal - lets see what tomorrow brings !

Triple top is very very bad, even worse than a double top :)
however it isn't a triple anything unless it reverses.

don't get all this comercial property values are destined to crash in the short term, why should BLND suddenly revive?

Ptholden - exactly!

Cos if the bull run continues, land, commodities and housebuilders qill be among the first to benefit signalling the end of the recession.

That's the theory anyway (so someone told me). :)

BLND are commercial property owners with demand and rents likely to fall further can't see where the upside will come from.

Just found this (a few hours old) British Land shares jump on bid talk

taking a cynic(al) view sounds as though next weeks results are going to disappoint, especially the nav?

never mind what the papers say ...... look in your high street, and you'll find (certainly here) that the empty shops are now being bought up (leased) by some good quality brands ...... can't comment about office space, as it's not something i keep an eye on

Nobodys mentioned forward sentiment ie, positive forward sentiment, even though we only have a few crumbs worth at the moment. (house prices rising very modestly and new build up slightly)

Remember the ball launched out of the hand is travelling at its fastest growth in upward projectory from the very base.

Worth a lot more than good mature news on higher rents and leases.

By the way hadnt heard of the bid rumour until now but was aware of the rising volume... i think.

Fairly hotish sector aswell real estate....

http://www.digitallook.com/cgi-bin/dlmedia/investing/visual_tools/heat_maps?username=&ac=

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/6024375/British-Land-targeted-by-Asian-group.html

Blimey.......off to a flyer.

See the RNS.
End of triple top speculation

Which RNS?

quite so .... straight through 500 and climbing (at the mo!) ..... bought at 517

Sorry, it was this I was reading :S

BLND

telegraph reports

BRITISH LAND TARGETED BY ASIAN GROUP
British Land is a takeover target for a consortium of some of the richest families in the world. The group has contacted Credit Suisse bankers to prepare a possible bid for the property company which could total up to 10 billion pounds including debt. The consortium is believed to include Lakshmi Mittal and Abu Dhabi's ruling family, with British Land yet to receive an approach as the plan is still at an early stage. British Land reports its first-quarter results next week; its current share price values it at 4.1 billion pounds.

Luvely stuff.

Learn something new everyday in this business and rightly so, didnt realise you could have a triple top or a double top in a down trend market/chart but then again when you think about it if you can have an inverse head and shoulders on the tilt then why not any other chart pattern. Cheers PTH.

Lads have a gander at the chart for CAL Capital and Regional, bought in first thing, what a corker of a chart.

This whole sector is red hot Hammerson and Liberty looking horny aswell.

No thread for CAL yet but thought Id give it a quicky here....

"

A bit of resistance to overcome short term...... but looka t the 3 year chart.

CAL is indeed an excellent chart, but only 31m cap and quite a wide spread ..... care needed ..... haven't checked EMS etc on L2 but will do if you want

============

EMS is 10k and 4/6 MMs so at least reasonable choice even if not very liquid, but spread is 3/5p and may well be diff to trade inside that as volumes are pretty small

Cheers cyners.

These land and property stocks are boiling this morning.

Saw this coming even if I do say so myself.

he he nice.

Even managed +10 on a cheeky short - this sector should be good for some real intraday moves!

10p will barely cover your expenses, even if that 10p is nett gain and not just mid/mid or worse

Spread Bet!

so were you brave (or do i mean foolish) enough to short say 10,000 so that the profit is meaningful - always assuming you have now closed off?

Yes I have closed it - a tad early it would seem! Good volumes today on BLND and TW.

Anybody here holding Taylor Wimpey..??

Yes - in an ISA bought earlier in the year, sold half and took up the rights issue on the remainder.

I bought in a couple of weeks ago looking for the recovery ,however i can't help but think this market is starting to get ahead of itself .They looked a good long hold to me.

Hi Jimmy, yep Im holding tw.

Good day so far.

Been thinking the whole market is due a correction very soon but it seems to eeek out small gains each day. Been reducing position size and overall exposure.

Yanks all go away in september so we might have 10 fair days left until october but you never know with markets.

Hi GF ,not trying to be a doom and gloomer , i'm in quite a few at the moment ,it just seems to be too blue every day ,,anyway i'm nicely in profit if the market does turn .And you have to be "in it to win it".

for myself, in that sort of sector have bought BDEV, RDW and SVS ...... WOS is still a good bet too i think, but i have enough stuff for the moment

Cheers cynic ,I nearly bought BDEV a few months ago (wish i had now) ,,I'll check out the rest ..

To be honest, back in Feb/March it was a case of pin the tail on the donkey with the builders (with hindsight of course) :-)

True skinny, true.

Closed at 511p, not me the market.

Could be a lot of weekend coverage here with 2 parties alledgedly interested.

Added more 20 mins before the close and already a small profit if IG is to be believed.

NAV at 31/3/09 was 398p wait for results on tuesday, buying on vague takeover rumours is not a good idea.

i bought on chart break and thus momentum ..... still far from foolproof i admit

I just bought 'cos everyone else did! ;o)

P.S. which, thinking about it, isn't such a bad strategy so long as I sell when everyone else does!

Harry....before everyone else does!

h
you just beat me to it. LoL
the other H, you lemming, LoL ;o)
regards to you all.
jkd

and don't just think about it!

Good point, h.
Lemming, jkd!!!? Surely they can't all be wrong???;o)

you wish!

HC
luv it. glad you get it . good luck.
regards
jkd

Weekend newspapes bulging with news on the speculation.

Saturdays express says up to 10 billion including debt speculative take over, companys market cap over 4 million!!!!!!!!!!.

Prospective Middle East and Asian buyers.

Indian steel tycoon Mittal involved!!!.

Could have a cracking week with this stock. Thats up not down but as halifax says got to be aware of all possibilities.

Still very bullish though.

Conflicting views coming out of sundays rags.

Some say British Land not interested in a T/O but then go onto say tuesdays results should confirm interest in selling off a 50% stake in flagship 2.3 billion City development at Broadgate.

Not sure which is the better ie, a T/O or the sale of Broadgate.

Both seem to be bullish.

don't care! .... anything that drives sp higher will suffice

Indeed indeed cyners.

Been stopped out.

General markets red put the kybosh on this and a lot more.

Suspect jimmy and cyners are correct in their reading of markets been overbought in general.

Only 3 stocks going now.

Might ditch them aswell.

1st quarter results.

Nothing yet then on Broadgate.

Blackstone interested in British Land's Broadgate - Source





LONDON -(Dow Jones)- U.S.-listed alternative investment group The Blackstone Group (NYSE:BX) is interested in buying at least a stake in U.K. real estate investment trust British Land Co. PLC's (BLND.LN) Broadgate development, a person familiar with the talks said.

British Land Chief Executive Chris Grigg said he had received a number of approaches for Broadgate but didn't elaborate or give details of who had made the approacges. He told Dow Jones Newswires that the company is prepared to sell all of the estate, or a stake in it, although it's also a priority for further development.

Broadgate is a prime office development near Liverpool Street Station in London's financial district.

In its first quarter results for the three months to June 30, British Land cut Broadgate's value by 3.9% to GBP2.195 billion. Broadgate's headline estimated rental values, which are an estimate of the rental which a property is likely to command in the open market at a given time, ranged between 36 and 50 per square foot with net initial yield of 7.8% assuming top up of rent free periods and minimum uplifts at first review.

Blackstone at the end of June closed its latest real estate fund, Blackstone Real Estate Partners Europe III, at more than EUR3.1 billion.

British Land also received approaches for its stake in the Sheffield shopping center Meadowhall, "but nothing that would work out so far," the CEO said. It has also been approached about its Leadenhall skyscrapper in London's financial district.

- By James Mawson and Anita Likus, Dow Jones Newswires; +44 20 7842 9268; jmawson@penews.com

Capital and Regional is earning me a fortune.

Surely it cant keep going at this pace???.

bet you wish you had gone in now cyners.

Too many of them spreads putting you off. Having said that I still think you have called the market direction right.

Cheers skinny, missed your post above appologies.

well done sticky ..... CAL has indeed rocketed away, though unclear whether or not any proper reason for that ...... not sure what the price was when you highlighted it 4 days ago, but guess you should be into a clear profit of at least 25/30p

i note that their figures are due out imminently
may be a good idea to take at least some profit beforehand - expectation and news syndrome looks very likely to me

The first quarter update from British Land has left the market unimpressed and prompted broker KBC Peel Hunt to cool on the stock.
Valuation assumptions for the companys portfolio must be severely stretched to justify the current 495p share price, the broker said.

sticky ..... i think i have sent you an e- ..... if you don't get it, let me know

Final Results.

THE BRITISH LAND COMPANY PLC

FULL YEAR RESULTS FOR THE YEAR TO 31 MARCH 2010


Strong valuation and NAV growth underpin strong balance sheet

Portfolio valuation up 13.5%: lettings & ERV growth contributed to 7.5% increase in Q4

NAV per share up 27% to 504p benefiting from leverage

IFRS Net Assets of 4.2 billion (2009: 3.2 billion)

Total return of 33.5% (16.6% in Q4)


Good financial performance

Results affected by significant portfolio reshaping and March 2009 rights issue

Underlying profit before tax down 7% to 249 million, impacted by disposals and development completions

Underlying diluted EPS down to 28.4p (2009: 41.0p) also reflecting rights issue impact

IFRS profit before tax 1,128 million (2009: loss of 3,928 million)

Dividend per share of 26.0p for the year: maintained dividend proposed for 2010/11

New article, click HERE

been a while since a post here.
looking at the price chart i think this may be worth adding to all our watchlists.
looks like a good 2 or so year accumulation taking place at a bottom to me. may be a little too soon yet, or may not.ready to break out. may not,yet, but it will do one day in the property cycle. so, just a bring it to your attention post because the upside in the next property wave/boom and on this share could well be most profitible on a cautious start and cautious accumulation riding on the tail of the professionals.
bought a few,(not too many) march to date monthly low as my stop loss.
if i survive this first toe in the water then looking to add and accumulate over time. the daily rsi shows divergence at price highs.so beware.
dyor and good luck
regards
jkd

still holding at same stop loss. price did indeed retrace.
fortunately not below my stop loss.
i am still holding and havnt added yet
only 2 months since my last post.
as always please dyor and just my opinion.
regards and good luck
jkd

Half Yearly Report part 1.

Half Yearly Report part 2.

Resilient first half results; continued outperformance vs IPD

First half underlying PBT2 3.9% ahead at 132 million; IFRS PBT +0.9% to 331 million

Portfolio valuation up 2.2% to 10.2 billion; Offices valuation +5.3% and Retail +0.7%

Continued outperformance vs IPD benchmarks: +150 bps on capital returns

EPRA NAV1 per share up 4.2% at 591 pence; quarterly dividend maintained at 6.5 pence

Total accounting return for the first half of 6.5%

Continued rental value growth and lettings ahead of ERV in retail and offices
Total portfolio ERV +1.3% over 6 months ahead of IPD at +0.3%

2.2 million sq ft of income initiatives adding 13.1 million of new annual rent

First half Retail ERV +0.5% (IPD -0.3%); UK occupancy strong at 98.3%; 527,300 sq ft new lettings and renewals 5.4% ahead of ERV

First half Offices ERV +3.0% (IPD +1.9%); occupancy strong at 97.7%; 192,800 sq ft of new lettings/pre-lets; lettings agreed 6.0% ahead of ERV

Further significant progress on London developments; programme now over 50% pre-let

On site at all 6 major office development sites; office development values up 15.2%

Full planning permission at 5 Broadgate; demolition of existing buildings underway

Pre-let exchanged with Debenhams on 145,000 sq ft offices at Regent's Place for 25 years at 50psf rising to a minimum of 53.50psf at first rent review

Post half year, pre-let signed with Aon for one third of The Leadenhall Building (191,000 sq ft) for initial rent averaging 56.60psf for 19 years

Investment activity driving future income and capital growth

332 million of acquisitions since the start of the financial year; 21 million pa long-term income, a 6.8% yield on income generating assets

1.9 billion committed investment in last 18 months with nearly 90% in Central London and retail; estimated 128 million pa of new income

Final Results.

Good results in challenging markets

· Underlying PBT1 up 5.1% to £269 million reflecting £28 million (5.4%) growth in net rental income
· EPRA NAV2 up 4.9% to 595 pence
· 1.5% increase in Q4 dividend to 6.6 pence; full year dividend of 26.1 pence
· Quarterly dividend for 2012/13 of 6.6 pence; making a total of 26.4 pence
· Total Accounting Return of 9.5%3

Portfolio structure, development and asset management driving 75% of the valuation uplift

· Portfolio valuation up 2.6%: capital returns at 3% outperforming IPD by 250 bps
· 2.1% growth in portfolio estimated rental value (ERV), outperforming IPD by 160 bps
· Total property return of 8.3% above IPD by 200 bps
· Both Retail and Offices outperformed IPD Total Return benchmarks by 110 bps and 410 bps

Focus on prime, well located properties securing and growing rental income

· 5.0 million sq ft of leasing activity generating £10.0 million pa of new rent (excluding pre-lets)
· 1.0 million sq ft lettings and renewals in retail, 6.9% above ERV
· 1.0 million sq ft of lettings and lease extensions in offices, 3.3% above ERV
· Increase in portfolio occupancy of 20 bps to 98.0%; UK retail 98.3% and offices 98.0%
· Proportion of rent expiring in the next 3 years reduced to 7.6% from 10.4% a year ago

Benefiting from early commitment to London development; increasing retail development pipeline

· 50% of office developments under construction now pre-let to UBS, Aon and Debenhams - securing £34 million of annual income
· £167 million of valuation uplift from office developments to date; further £192 million to come
· 347,000 sq ft of UK retail developments committed in the year; already 72% let/under offer
· Further 960,000 sq ft of retail developments with planning secured or pending

Investing in quality assets with secure and growing income; increased recycling ahead of valuation

· £371m of acquisitions made at 6.9% net initial yield, adding £21 million of annual rent
· £100m of disposals of lower growth assets at 1.6% above March 2011 valuation

Strengthened financial position through significant level of financing activity

· £2.0 billion (British Land share £1.4 billion) of financing agreed since April 2011
· Operational and financial flexibility maintained with diversified funding and spread of maturities
· LTV at 45.3% (proportionally consolidated) with 2.2 times interest cover; Group LTV at 29.1%

Interim Management Statement


Highlights

Asset Management - strong operational performance reflecting strength and quality of our portfolio*
· £13.5 million (564,500 sq ft) of lettings and lease renewals/extensions at 1.6% above ERV; occupancy up 10 bps at 98.1%
· Continued demand for our high quality UK retail schemes: 172,400 sq ft of retail lettings and lease renewals at 1.0% ahead of ERV; occupancy up 20 bps over last 3 months to 98.5%
· Retail footfall 0.5% positive, outperforming the market benchmark which was down 2.4%
· Exposure to rents in administration lower at 0.8% of total rent following successful lettings
· Retaining existing office occupiers: 392,100 sq ft of office lease extensions and lettings at 7.9% ahead of ERV (excludes lease extensions); encouraging level of letting enquiries

Developments - progressing well with good levels of pre-letting interest
· Further 85,000 sq ft of development pre-lets; total income secured through pre-lets now £41 million
· Continued occupier interest in West End and City offices including The Leadenhall Building
· Further residential development pre-sales brings residential sales over the last 3 years to £173 million
· High levels of interest in retail developments: Whiteley Shopping Centre 76% pre-let and due to open in May 2013; Zaragoza 82% pre-let/under offer and opening in early October 2012

Investment - attractive opportunities supported by capital recycling
· £205 million of investment (BL share) including £143 million of acquisitions exchanged/completed
· Investments focused on committed and future development pipeline
· £130 million acquisition of the Clarges Estate, a 191,500 sq ft office/residential development opportunity in Mayfair announced today
· Asset sales to fund investments; £59 million of assets (BL share) sold at 1.1% ahead of valuation

Financing - strong financial position and access to finance
· First quarter dividend confirmed at 6.6 pence, 1.5% ahead of prior year
· Financial position remains strong; agreed £374 million of new financings in joint ventures and funds
· Proportionally consolidated loan to value (LTV) at 45.6% (June pro-forma) and average interest rate marginally lower at 4.5%

* For further information on our leasing activity vs ERV for 3 and 6 months to 30 June see table below.

Looking forward to interim results coming our way, Tuesday will bring us first-half figures from British Land , the FTSE 100 real estate investment trust. This share has fallen back a bit of late, and at 514p it is down 12% from its recent high of 586p.

But even though forecasts suggest flat earnings for the current year, we should be seeing a dividend yield of around 5%. What's more, if property prices and rental yields improve over the longer term, I think this share could prove to be a nice investment.

Terms Agreed with The Kennel Club, Clarges Estate

British Land has today exchanged agreements with The Kennel Club confirming terms to relocate and develop a new headquarters for the Club in Clarges Street, facilitating the company's plans to redevelop the entire site to create a landmark mixed use scheme.

StockMarketWire.com
Commercial property group British Land reported underlying pretax profit up 1.9% at £274m in the year to end-March. IFRS PBT was £260m (2011/12: £479m).

· Portfolio valuation at £10.5 billion (+0.5%); UK +1.0% driven by developments (+12.2%) and asset management

· Continued outperformance vs IPD benchmarks: total returns +310 bps; capital returns +360 bps

· EPRA NAV1 ahead at 596 pence per share, +0.2% increase over 12 months

· IFRS Net Assets at £5.7 billion (FY 2011/12: £5.1 billion)

· Quarterly dividend of 6.6 pence; bringing the full year to 26.4 pence (+1.1%)

Successful year operationally: performance continues to reflect strength of asset management

· 2.0 million sq ft of total letting activity; investment lettings/renewals 7.6% ahead of ERV

· Good demand for retail space: 1.1 million sq ft of lettings/renewals; investments 7.6% ahead of ERV; further 420,000 sq ft of space under offer post year end

· Continued our track record of attracting and retaining office occupiers: 778,000 sq ft of investment lettings/lease extensions 7.1% ahead of ERV

· UK occupancy 97.1% (reflecting recently completed developments); rents in administration remain low at 0.9% of total rent

Strong performance from highly profitable committed developments; replenishing the pipeline

· Over 300,000 sq ft of further pre-lets including 139,000 sq ft under offer at the year end: now 65% pre-let/under offer

· Terms agreed and documentation progressing well for a minimum of 95,000 sq ft pre-let with Amlin at The Leadenhall Building (now c50% pre-let/under offer)

· 106,000 sq ft pre-let/under offer at 10 Portman Square and Brock Street, Regent's Place significantly ahead of ERV with further interest at both developments

· Whiteley Shopping Centre retail scheme over 90% pre-let/under offer ahead of May opening

Active year recycling capital into higher growth opportunities: £1.6 billion of gross investment activity

· Completed or exchanged on £795 million of disposals on NIY of 5.3% including Ropemaker Place for £461 million net of costs

· Completed or exchanged on £544 million of acquisitions including the Clarges Estate and Ealing Broadway Shopping Centre on NIY of 6.3% for investment assets

Share placing provides capacity to take advantage of greater flow of attractive investments

· £266 million of placing capacity already deployed on investment, focused on London and the South East

· Continue to see a significant pipeline of attractive investment opportunities

Chris Grigg, CEO, said "It's been a highly active and successful year and we have demonstrated our strategy in action in the broadest sense. Profits are up despite the significant level of recycling and at the property level we have continued to outperform. Our investment activity means the business is stronger going forward and our recent share placing gives us significant capacity to take advantage of the increasing opportunities we see coming to the market."

Investec Reduce 625.75 600.00 600.00 Downgrades

Espirito Santo Execution Noble Neutral 625.75 603.00 603.00 Reiterates

Morgan Stanley Overweight 625.75 630.00 630.00 Reiterates

Ex-div next wed 3rd July (6.6p)

StockMarketWire.com
British Land has acquired assets comprising the majority of Paddington Central, a 1.2 million sq ft office-led, mixed use estate close to Paddington station in London's West End.

British Land says the £470m investment offers an attractive blend of income and capital return, with major development potential and significant future opportunity to improve the estate through asset management.

On completion of the developments, British Land will own 1.0 million sq ft of a 1.6 million sq ft estate.

StockMarketWire.com
British Land reports a good start to its financial year amid some signs that confidence is strengthening and the UK economy is growing.

Chief executive Chris Grigg said: "We have had a good start to our financial year and our business continues to perform.

"The economy as a whole is showing some signs of returning confidence, London remains strong and while retail is still challenging, we continue to see encouraging levels of demand for our space. Our purchase of Paddington Central plays to our strengths in the management and development of major London estates: it is in line with our strategy of increasing our exposure to London and the West End and helps replenish our development pipeline.

"This transaction strengthens our ability to deliver income and capital value growth. Our decision to increase the dividend reflects our confidence in the business."

British Land invests 512 million pounds as confidence picks up

(Reuters) - British Land (BLND.L) has invested 512 million pounds on property acquisitions since the start of April against the backdrop of a tentative economic recovery in the UK, the country's second largest listed developer said on Wednesday.

In March, it raised almost 1 billion pounds for new investments via a share placement and sale of an office block, since when deals include a 470 million pound office complex in the Paddington district of west London.

"There are some signs that confidence is strengthening and the UK economy is growing, albeit at very low rates," the company said in a trading update. "In property, this improving confidence has been most evident in the investment market which has seen a broadening of investor demand and risk appetite."

Investec Reduce 618.00 617.00 600.00 600.00 Reiterates

Morgan Stanley Overweight 618.00 617.00 630.00 630.00 Reiterates

This thing opened today in similar pattern to my asos, having nothing to do with one, with big gap down.. must be under the same finger .

British Land Sells £210 million of Apartments at New Super-Prime London Residential Development, Clarges Mayfair

British Land announces that after releasing a selected number of apartments over the summer at its super-prime residential-led development, Clarges Mayfair, it has exchanged on the sale of 18 apartments, reflecting an average capital value of £4,750 per sq ft as well as setting new records for prices in Mayfair. At £210 million, the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme. This pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received.

The success achieved at Clarges Mayfair is testament to its unrivalled position, and the quality of its design which sets a new international benchmark for residential development in London. The building was designed by Squire and Partners architects and Martin Kemp Design are leading the interior design for the apartments. The total cost of the development (excluding land and interest) will be circa £228 million.

Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace. The scheme plays to British Land's strengths in sourcing and managing complex projects. Work began on site earlier this year, and the office element will complete in mid-2016, with the residential element completing in 2017. Full marketing of the remaining units will be undertaken closer to completion when purchasers can appreciate the unique design of the building, its location and the panoramic views from the upper floors.

Chris Grigg, CEO of British Land, said: "Clarges Mayfair is a great example of what we do well - investing in the right places and creating environments where people prefer to live and work. We have used our core development skills to increase significantly the value of the scheme creating a landmark building for this important area of London and further enhancing our presence in the West End."

Tim Roberts, Head of Offices and Residential, said: "Clarges Mayfair offered us a rare opportunity to develop an exceptional product in a premium location and we are delighted by the level of interest we have seen. Demand has been very strong from both UK and overseas buyers, demonstrating both the strength of the premium residential market and the enduring appeal of developments of this quality."

British Land West End Portfolio Nearly Fully Let Following Completion of Leasing Agreement at 39 Victoria Street

British Land confirms that it has fully let its recently completed development at 39 Victoria Street, a fully refurbished Grade A office in the heart of Victoria. Designed by JRA Architects, the building has nine clear and flexible floors with the majority benefiting from terraces and the upper levels enjoying spectacular views across London.

This continues a period of successful letting across our recently completed West End developments, with 10-30 Brock Street, 10 Portman Square and 39 Victoria Street now all fully let or under offer at terms ahead of ERV. As a result, our 2.4 million sq ft West End office portfolio has a 96% occupancy rate, up from 88% at 31 March 2014.

Tim Roberts, Head of Offices and Residential, said: "We have continued to see good letting momentum across our London office portfolio which reflects the high quality spaces and environments we have created along with improving occupational demand. With little new product coming to market over the coming years, we are pushing forward with our near-term pipeline."

StockMarketWire.com
British Land has confirmed that an investigation is under way after two steel bolts broke at 122 Leadenhall Building in the City of London.

British Land said no one was injured in either incident and there is no risk to the structural integrity of the building.

The skyscraper - which has been dubbed the Cheesegrater - is a joint venture development between British Land and Oxford Properties.

A statement by British Land said: "Public safety is our priority so we have taken a number of precautionary measures.

"A full investigation is being conducted by contractor Laing O'Rourke and structural engineers Arup. An examination is being undertaken of the remaining bolts. An area has been cordoned off around the base of the building while this process is ongoing. The Building Control Department has been notified.

"An update will be provided as soon as we are able."

StockMarketWire.com
British Land reports a strong first half performance with good results from both parts of its business.

Underlying pre-tax profits rose by 6.2% to £155m; IFRS PBT of £1,043m (H1 2013/14 £422 million)

- EPRA NAV +11.8% to 769 pence; IFRS Net Assets at £8.0 billion (31 March 2014 £7.1 billion)

- Quarterly dividend of 6.92 pence; bringing the half year to 13.84 pence (+2.5%)

- Total accounting return of 13.7% for 6 months (H1 2013/14: 6.8%)

Chief executive Chris Grigg said: "This has been another good six months for British Land with strong results from both parts of our business. Our continued outperformance underlines the success of our actions: increasing our business in London; progressing our major development programme; evolving our retail offer; and buying and selling well. Looking forward, we remain confident about the outlook for the business. The economy is growing, interest rates are likely to stay low for some time and investor demand for quality properties in and outside London is strong. Demand for offices in London is improving, supply remains constrained and rental growth now looks firmly established. In retail, economic growth is feeding through to consumer spend and the lead indicators of rental growth in our business are all positive."

StockMarketWire.com
British Land reports a strong occupational performance in Retail and Offices in the quarter to the end of December and good progress on its committed pipeline.

Chief executive Chris Grigg said: "It's been another good period for our business: we are leasing well, making progress with developments and have continued to take advantage of strong investment markets to recycle capital.

"Our focus on providing shopping environments which meet the changing needs of today's consumer means we have benefited from growing demand for the right retail space.

"In Offices, supply is constrained and rents are responding well to strong demand. We are making good progress repositioning Broadgate to appeal to a wider range of occupiers, and we've been particularly pleased with progress at The Leadenhall Building where we continue to see significant ongoing interest."

Highlights:
Strong occupational performance in Retail and Offices; positive for rental growth

· 269,000 sq ft of Retail lettings/renewals; investment lettings/renewals 10.9% ahead of ERV2

· Retail footfall +1.3%, continuing to outperform (+260bps vs market)2; retailer same store sales +4.4%

· 168,000 sq ft of Office lettings/renewals completed; investment lettings/renewals 0.4% ahead of ERV2; further 116,000 sq ft under offer, with investment lettings/renewals 8.1% ahead of ERV

· Tech-related occupiers accounted for 43% of completed Office lettings; 62,000 sq ft to WeWork at 199 Bishopsgate and 11,000 sq ft to Central Working at Crown Place, EC2

Good progress on committed pipeline - key milestones achieved
· Leadenhall Building 70% let/under offer; 93,400 sq ft let/placed under offer since start of Q3; includes the building's architects, Rogers Stirk Harbour + Partners; recent deals 4.5% ahead of ERV

· Broadgate Circle launching in April, and 5 Broadgate on track for completion by June 2015

· £57 million residential sales since the start of Q3, ahead of valuation, including a further £32 million at Clarges Mayfair; £365 million residential sales year to date, including £259 million at Clarges Mayfair

· Continued investment in Retail; extensions at Fort Kinnaird (Edinburgh), Broughton Park (Chester) and Deepdale (Preston) totalling 175,000 sq ft, achieved practical completion

Successfully progressing development pipeline
· On track at 4 Kingdom Street, Paddington Central (145,000 sq ft; total commitment of c. £110 million); expect to be on site next month

· Planning submitted on Blossom Street, Shoreditch (347,000 sq ft) and 100 Liverpool Street, Broadgate (530,000 sq ft)

· c.80,000 sq ft refurbishment opportunity at 338 Euston Road, Regent's Place, starting summer 2015

· Progressing masterplan of 40 acre site at Canada Water

Continuing to recycle capital in strong investment markets

· Asset sales of over £900 million year to date (including residential sales); accounting for over £30 million of annual net rent

· Evolving our Retail portfolio to meet changing consumer needs; £220 million of sales ahead of valuation since the start of Q3, including £55 million of superstores sales

Financial position remains strong
· Proportionally consolidated net debt lower at £4.5 billion (compared to £4.7 billion as at 30 September 2014); proportionally consolidated LTV lower at 35% based on September 2014 valuations (LTV of 32% pro-forma for 2017 Convertible Bond)

· Weighted average interest rate at 4.2% (proportionally consolidated)

· Third quarter dividend confirmed at 6.92 pence3, 2.5% ahead of prior year

Took my eye off the ball here - well done Harry, if still holding.

Sadly not. Can't be in them all. This one on my watchlist but not my portfolio.

StockMarketWire.com
British Land Co has confirmed that the third interim dividend for 2014-15 of 6.92p, as announced on 27 January, will be a property income distribution. The company will not be offering a scrip alternative with this dividend.

The dividend will be paid on 6 May to shareholders of record on 27 March. The ex-dividend date is 26 March

StockMarketWire.com
British Land has completed the acquisition of One Sheldon Square, Paddington Central, for £210 million from the Employees Provident Fund, Malaysia.

This brings British Land's total investment at Paddington Central to 800,000 sq ft with a further 146,000 sq ft currently under construction at 4 Kingdom Street and 210,000 sq ft of consented future development at 5 Kingdom Street. It says: "The acquisition is in line with our strategy of expanding in London and the South East including in and around our existing assets. Acquiring One Sheldon Square, which is prominently located at the entrance to Paddington Central, allows us to develop a wider vision for the campus as an attractive mixed use destination." One Sheldon Square comprises nearly 200,000 sq ft of freehold office space, arranged over nine floors. It is fully let to Visa Europe Services until December 2022 with a rent review in December 2017. Total annual contracted rent is £9.5 million reflecting an average rent of £48.70 per sq ft which is reversionary.

StockMarketWire.com
British Land reports a strong set of results for the year to the end of March with the group continuing to outperform on a range of measures.

Underlying pre-tax profits rose by 5.4% to £313m; IFRS pre-tax profits roser to £1,789m (2014: £1,110m).

EPRA net asset value rose by 20.5% to 829 pence; IFRS net assets increased to £8.6 bn (2014: £7.1bn)

A quarterly dividend of 6.92 pence per share takes the full year to 27.68 pence (2014: 27.0 pence per share)

A first quarter dividend of 7.09 pence per share proposed for 2016, an increase of 2.5%.

Chief executive Chris Grigg said: "We are announcing a strong set of results today with the Group continuing to outperform on a range of measures. This reflects the strategic decisions we have taken over the last five years to re-position the business, alongside the strength of our day to day asset management activities.

"I am particularly pleased with our exceptional leasing activity over the year, which is the clearest indication we are creating environments where people want to work, shop and live. As we look ahead, our results give us confidence we are well positioned for changing trends in the real estate sector: we have a modern portfolio focused on the right locations; a strong balance sheet with a low cost of debt; and an exciting development programme."

StockMarketWire.com
British Land and Oxford Properties have announced that DRW Trading Group has signed an agreement for a lease at The Leadenhall Building.

The building is now nearly 90% let or under offer with just five more floors still available.

DRW is a principal trading organisation headquartered in Chicago, with offices in Montreal, New York, San Francisco and Singapore. The company has chosen to relocate its London operations to The Leadenhall Building.

It is the seventh transaction to complete at the building this year.

Tim Roberts, head of offices at British Land, said: "Since completion, we have seen strong demand for the upper floors of The Leadenhall Building, translating into some standout deals with high calibre occupiers."

StockMarketWire.com
British Land has exchanged contracts for the sale of 39 Victoria Street, SW1 to Singaporean property company Ho Bee Land for a gross purchase price of £144 million (net price of c. £139 million after deduction of rent free top up).

Ho Bee Land is quoted on the mainboard of the Singapore Exchange and owns assets in London including 1 St Martin's Le Grand, 60 St Martin's Lane and Rose Court.

39 Victoria Street is a 10 storey office building, totalling 98,000 sq ft including retail space on the ground floor. It was acquired by British Land in 2009 for £40 million and was substantially refurbished in 2013. It is let in its entirety to The Corporate Officer of The House of Commons until September 2029 with a break in July 2026 at a total rent of c. £6 million per annum. British Land says this transaction is in line with its capital recycling strategy.

Summary from Jefferies who reckon the property bubble has burst:
"All our BUY recommendations are repealed with FIVE new ‘SELLS’
· British Land, Unite Gp & CapCo are downgraded to SELL (BUY) with the highest income gearing risk

· Retail specialists intu & Hammerson are least favoured and downgraded to SELL (HOLD)

· Land Securities, Derwent London, Workspace, Big Yellow, Safestore, Grainger, LondonMetric are downgraded to HOLD (BUY)

· Gt Portland, Hansteen, Shaftesbury, SEGRO & Unibail remain HOLD

StockMarketWire.com
British Land had a strong third quarter trading update and says while it is mindful the economic and political outlook is more uncertain since the half year, it is confident in the underlying strength of its business.

Chief executive Chris Grigg said: "We had another strong quarter: our occupational markets remained robust and we continued to be active in the investment markets.

"In Retail, our operational performance was good, with outperformance on footfall particularly of note. We continued to sell single-let assets at prices ahead of book value and re-invest in our multi-let portfolio where we see potential to drive further value.

"In Offices, our portfolio is now virtually full with lettings completed ahead of valuers' assumptions and at Canada Water we agreed Heads of Terms with Southwark Council. Looking forward, while we are mindful that the economic and political outlook is clearly more uncertain since the half year, we are confident in the underlying strength of our business."

Credit Suisse today reaffirms its underperform investment rating on British Land Co PLC (LON:BLND) and cut its price target to 505p (from 715p).

Barclays Capital today reaffirms its overweight investment rating on British Land Co PLC (LON:BLND) and cut its price target to 720p (from 900p).

StockMarketWire.com
British Land has exchanged contracts for the sale of Debenhams flagship store in Oxford Street to a private investor for £400 million.

The seven storey building is near Bond Street underground station in London's core West End shopping district and is let in its entirety to Debenhams until 2039.

In addition, British Land has exchanged on £99 million of further retail disposals since 31 March, including £79 million of superstores, 3.1% ahead of March valuations. These transactions bring total retail disposals since the year end to £499 million.

Since the EU referendum, British Land has exchanged 11 long term retail leases totalling 50,000 sq ft and £2.1 million of rent on terms agreed prior to the referendum.

The leases are spread across its Regional and Local portfolios to a range of occupiers including Yo! Sushi, Nando's, River Island, Pret A Manger, Byron and Waterstones. In aggregate these lettings are 4.7% ahead of March 2016 ERVs. A further 210,000 sq ft of Retail lettings are under offer.

Chief executive Chris Grigg said: "The disposal of Debenhams on Oxford Street reflects our strategic focus on multi-let assets within the Retail portfolio. British Land has entered this period of post-referendum uncertainty in a robust position. We have a strong, resilient business with a clear strategy.

"We have a modern portfolio which is well suited to current and future customer needs. The portfolio is 99% occupied with a wide range of quality occupiers on long leases. Our finances are strong with an LTV of 29.7%, pro forma for exchanged disposals, and the group has no refinancing requirement for over four years. Our speculative development commitments are low at 4% of the portfolio and we have considerable flexibility in our development pipeline."

British Land will announce its Q1 trading update on the 18 July 2016.

StockMarketWire.com
British Land reports good first half results with a significant increase in underlying profits.

Underlying pre-tax profits rose by 16.4% to £199 million driven by like-for-like income growth of 3.4% and reductions in finance and operating costs; IFRS PBT of £(205) million (H1 2016: £823 million)

Other highlights: - EPRA NAV reduced by 3.0% to 891p; IFRS Net Assets at £9.2 billion (March 2016: £9.6 billion)

- Quarterly dividend of 7.3 pence bringing the half year dividend to 14.6 pence (+3.0%)

- Total accounting return of -1.5% (H1 2016: +9.1%)

Chief executive Chris Grigg said: "We've delivered a good set of results with a significant increase in underlying profits reflecting our actions and continued leasing momentum. We're mindful of future uncertainty but are confident that our secure income streams and strong finances will ensure our business remains resilient.

"As occupiers become more discerning we expect our high quality portfolio to benefit from increasing polarisation. The evolving environment will be reflected in our tactical decisions, particularly on development where we expect to proceed more cautiously. We have modest speculative development commitments currently, even following our decision to redevelop 100 Liverpool Street. This is a great example of the opportunities within our portfolio which provide a source of future value."

StockMarketWire.com
British Land has reported a positive quarter which, it said, reflected the strong positioning of its portfolio and its engagement with occupiers and consumers.

It said it completed over 400,000 sq ft of lettings across the business and that it was progressing discussions with a broad range of occupiers.

Chief executive Chris Grigg said: "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."

Highlights:
- 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.

The British Land Company PLC Full Year Results

17 May 2017

Chris Grigg, Chief Executive said: "We are reporting a good set of results today despite an uncertain environment over the last 12 months. We are particularly pleased by the increase in underlying profits, by our strong leasing performance across the business and by the very successful sales we have made. The increase in valuations in the second half is also better than many expected six months ago. These results reflect the continuing execution of our strategy, providing space that responds to changing lifestyles and really fulfils customers' needs. We expect to be operating in an uncertain environment for some time; in this context we will benefit from the resilience of our business, the quality of our portfolio and the strength of our finances. We also look forward with cautious optimism as we believe that we can generate incremental returns by allocating capital to development opportunities we have created, whilst keeping risk at an appropriate level and maintaining flexibility to respond to changes in our markets."

Good financial performance reflecting an active year executing our strategy
• Underlying profit +7.4% to £390 million (2015/16: £363 million); IFRS PBT of £195 million (2015/16: £1,331 million)
• EPRA NAV -0.4% to 915 pence; IFRS Net Assets at £9.5 billion (2015/16 £9.6 billion)
• Final quarterly dividend of 7.3 pence (+3.0%); bringing the full year to 29.2 pence (+3.0%)
• 2017/18 full year dividend of 30.08 pence per share proposed, +3.0%; first quarter 7.52 pence
• Total accounting return of +2.7% (2015/16: +14.2%)

Modest reduction in valuation, improving performance in the second half and continuing ERV growth
• Portfolio valuation -1.4%; +1.6% gain in H2; 15 bps yield expansion in the year
• Offices valuation -0.7%; ERVs +0.5%
• Retail valuation -1.8%; ERVs +1.6% with multi-let +2.4%

Strong leasing and operational performance, evidencing good demand for the places we create
• 1.7 million sq ft of lettings and renewals across the portfolio, 8.0% ahead of ERV, adding £22 million of rent
• Occupancy 98%, with average lease length of 8.3 years
• 1.3 million sq ft of Retail lettings and renewals, 10.8% ahead of ERV; letting more space on better terms, to a broader range of occupiers than a year ago
• Outperforming benchmarks on footfall by +240 bps and in-store sales growth by +220 bps
• 279,000 sq ft of Office lettings and renewals, 1.4% ahead of ERV, letting up standalone developments
• Under offer or in advanced negotiations on a further 700,000 sq ft at our campuses, including 310,000 sq ft pre-let of proposed redevelopment of 1 Triton Square, Regent's Place; further 850,000 sq ft of discussions
• 44% reduction in carbon intensity versus 2009 (2015/16: 40%) as we progress towards our 55% reduction target by 2020

£2 billion of gross capital activity - well positioned to exploit optionality in our pipeline
• £1.5 billion of disposals, 9% ahead of valuation; includes sale of 50% interest in The Leadenhall Building for £575 million which is expected to complete post year end in May 2017
• Retail disposals of £881 million at an average yield of 4.3%; includes Debenhams, Oxford Street for £400 million and £226 million of superstore sales reducing weighting of superstores to 4% of the total portfolio
• £195 million acquisitions focusing on adjacencies; £292 million capital spend; net divestment £1.1 billion
• Speculative development commitment below 4%; £1.7 billion pipeline across a range of uses benefiting from 2.3 million sq ft of planning consents secured in the year, plus Canada Water

Improved financial position with continued access to low cost finance
• LTV at 29.9% (March 2016: 32.1%) and weighted average interest rate at 3.1% (March 2016: 3.3%); LTV at 26.9% and weighted average interest rate at 3.4% pro-forma for sale of The Leadenhall Building
• Based on current commitments, the Group has no requirement to refinance until early 2021

more.....

Fairly safe. 30p dividend = 4.9% yield at £6.13.

Looking to hold long term, collect the dividends and watch it rise.

They seem to be very London focused. I wonder if when the big multinationals start relocating their workforce into Europe that BLND might start to struggle to let some of their properties. No immediate worry, but results in a few years might not be so healthy.
The comment "We also look forward with cautious optimism....." sums it up for me.

For the short term range traders. BLND seems to be stuck in a range of 605 to 625 since mid July.
Also a share buyback of £300b going on to support the price.

StockMarketWire.com
British Land acquired the Woolwich Estate, covering 4.9 acres in south east London for £103 million, representing a net initial yield of 4.1%.

The move was said to build on the company's portfolio of places benefitting from the Elizabeth Line, including Broadgate, Paddington Central and Ealing Broadway, and provides significant potential to drive growth and returns.

The Woolwich estate covers 360,000 sq ft of space in central Woolwich. Predominantly retail, it includes over 50,000 sq ft of residential and 3,000 sq ft of office space.

The estate is currently 95% occupied, with an average lease length of under four years, and average rent of £17 psf, providing British Land with an attractive opportunity to strengthen the offer and mix in line with the improving catchment.

Charles Maudsley, Head of Retail, Leisure & Residential at British Land, said: 'This acquisition provides a unique opportunity to create a thriving retail-anchored centre, benefitting from a mix of uses in an exciting, increasingly well connected and rapidly regenerating part of London.'

'We have a long term vision for the estate which will deliver space that works for retailers and their customers; which generates clear benefits for local communities and drives value for British Land.'

'Across our London campuses and our multi-let retail properties, we have developed a clear and distinct advantage in managing mixed use environments with development potential, and in enhancing and enlivening our space through placemaking. This acquisition plays very well to those skills.'

'The Woolwich Estate comprises 56 retail units and has footfall of 6 million. It benefits from an improving local demographic with over 40% of residents falling within the top three most affluent groups, per CACI consumer classification.'

'Coinciding with the arrival of the Elizabeth Line, Greenwich Council are investing £31 million to deliver a new "Creative District" which will transform five historic buildings into theatre and concert space, with offices and restaurants.'

StockMarketWire.com
British Land Group said Tuesday its financial position remained 'strong,' as it further reduced loan-to-value to 26% but the retail market remained 'challenging'.

The company completed the sale of 5 Broadgate for £1bn, in line with book value and increased its share buybacks by £200m.

Leasing activity in Offices had continued to be 'good', with the portfolio 98% occupied and with 64% of the total development pipeline let or under offer, up from 55% at the time of preliminary results in May, the company said.

The retail market remained 'challenging,' however, amid short-term trading headwinds brought on by long-term structural change driven by the internet.

The combined impact of administrations and CVAs since 1 April 2017 was 1.6% of total group contracted rent, up from 1% at the time of the company's preliminary results in May and retail occupancy stood at 96.4%.

The first interim dividend payment for the quarter ended 30 June 2018 would be 7.75 pence per share, an increase of 3.0% on the first interim dividend last year, the company confirmed.