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

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)