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

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.