British Land Bullish
British Land had good news for investors at the firm’s annual meeting on Tuesday 18th July, announcing 370,000 square foot of lettings and lease renewals made at nearly 8% ahead of estimated rental values.
With total market assets of £21billion Chief Executive Chris Grigg posits that the present snapshot affirms that there is robust demand in its investment markets bolstering confidence. They have announced that the company will allocate up to £300m of capital to a share buy-back this year, citing that their share price is currently trading at a significant discount to net asset values, with an average 5 per cent dividend yield. Additionally, the firm is also in advanced talks to let 870,000 square feet of space across London.
Hopefully this sets a bellwether for the London property development and investment space.
The full British Land AGM statement is available here: bit.ly/2uF5acz #agm #property #london #britishland #REIT