|Bid||544.60 x 309600|
|Ask||545.20 x 265600|
|Day's Range||543.00 - 554.95|
|52 Week Range||520.00 - 696.40|
|Beta (3Y Monthly)||0.56|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.31 (5.22%)|
|1y Target Est||651.59|
Developers mostly steered clear of doing new projects on spec in the political upheaval that followed the U.K.’s 2016 vote to leave the European Union. Now the surprising resilience of London’s office market, highlighted by technology giants like Alphabet Inc. committing to open new bases in the city, has convinced them that it’s time to break ground. Behind that famous wall of digital billboards on Piccadilly Circus, Land Securities Group Plc is redeveloping the building at 1 Sherwood Street.
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Britain's biggest domestic lender Lloyds Banking Group said on Thursday it would pay dividends quarterly from the first quarter of 2020, in a move aimed at distributing income to its 2.4 million shareholders more regularly and efficiently. The new approach will see the lender adopt three equal interim ordinary dividend payments for first three quarters of year followed by, subject to performance, a larger final dividend in the fourth quarter, the bank said in a statement. Lloyds is one of Britain's biggest dividend payers and distributed around 4 billion pounds to investors in 2018.
Smaller malls and retail parks have been battered by the sluggish economy and fierce online competition from companies like Amazon.com Inc., resulting in vacant stores and slumping rents. “Across our top five assets that represent about a third of the portfolio our estimated rental values have been flat,” Simon Carter, British Land Co.’s chief financial officer, said after the company reported the biggest decline in its net asset value for a decade. British Land, a real estate investment trust, wrote down the value of its top five malls including Meadowhall in Sheffield by about 8 percent even though rents mostly held steady, Carter said by phone on Wednesday.
Britain's second-largest listed property developer said EPRA net asset value, a key industry metric that reflects the value of a firm's buildings, was 905 pence per share in the year ended March 31, down from 967 pence a year earlier. Rivals echoed similar concerns and blamed a string of collapses on Britain's high street that led to higher vacancies and declining asset value. British Land, which counts Marks and Spencer, Tesco and IKEA as tenants, said London market would remain active but there was however a "notable pause" in the early part of 2019 as Brexit uncertainty increased.
Colm Lauder, analyst at Goodbody, said a 6.4 per cent decline in net asset value per share was the largest since 2009 in the depths of the financial crisis. “While British Land is posting declines at a rate not experienced since the bottom of the last market cycle, the balance sheet remains in a robust and flexible position,” he added. The drop echoes that posted on Tuesday by the company’s larger rival Land Securities.
British Land and Landsec, two of the UK’s largest property groups, know all about the Brexit effect. On Wednesday British Land was again mindful of “the ongoing Brexit uncertainty”, and “companies slowing investment decisions in the context of a possible ‘no deal’ scenario”.
The FTSE 100 ended 0.4 percent higher, following three sessions of decline, and the FTSE 250 overturned earlier losses to close up 0.1 percent. HSBC was the biggest support to the main bourse, rising 2 percent to its highest level in over eight months as its profit surpassed analysts' expectations thanks to a surge in income from its core Asian business. Miners snapped a seven-day losing streak with a 1.1 percent jump as metal prices picked up with China and the United States set to resume trade talks next week.
Intu shares tumbled more than 8 percent to 91.90 pence at 0725 GMT, taking the stock to the bottom of the midcap index. The company, whose properties include the Trafford Centre in Manchester, now expects net rental income for the year to decline between 4 percent and 6 percent, compared with its previous view of a decline of 1 to 2 percent. "We expect the remainder of 2019 to be challenging due to a higher than expected level of CVAs and a slowdown in new lettings as tenants delay their decisions due the uncertainties in the current political and retail environments," said Matthew Roberts, who was installed as chief executive last month.
The move comes a month after Green said he was working on restructuring Arcadia, which trades under brands such as Top Shop, Miss Selfridge and Dorothy Perkins. The property groups, which included Aviva, are expected to appoint advisers to help oversee talks with Arcadia in the coming weeks, the report said. Other property owners such as Aberdeen Standard Investments, M&G Investments were also expected to be part of the consortium with the collective objective of securing improved terms for all landlords in which Arcadia's more than 500 outlets operate.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times The chief executive of Taylor Wimpey ...
British Land said its share of the proceeds from the disposal would be 193.5 million pounds and the portfolio represented a modest premium to the company's September 2018 book value. The deal, expected to be completed in May, will reduce British Land's Superstores exposure to 1.3 percent of its portfolio with six standalone stores remaining, it said. "We are focused on further sales of retail assets which are not aligned to our strategy and continue to make good progress," British Land said.
British Land Company Plc said on Tuesday it and joint venture partner Sainsbury Plc sold 12 Superstores properties to U.S.-based Realty Income Corp for 429 million pound ($556.9 million). British Land said its share of the proceeds from the disposal would be 193.5 million pounds and the portfolio represented a modest premium to the company's September 2018 book value. The deal, expected to be completed in May, will reduce British Land's Superstores exposure to 1.3 percent of its portfolio with six standalone stores remaining, it said.
Gildersleeve will be replaced by Tim Score, an independent non-executive director of British Land and chair of the audit committee since 2014, the blue chip firm said. Score was previously the finance head of British chipmaker ARM Holdings, a unit of SoftBank Group Corp, and is currently a non-executive director at Pearson Plc and HM Treasury.
"2018 has been an eventful and challenging year for Intu," said Chief Executive David Fischel in a statement, noting Intu's shares had slumped to a virtually unprecedented 60 percent discount to the underlying net value of its assets. Blue chip rivals Hammerson, British Land and Land Securities were also in the red. Intu hopes to push its current debt to assets ratio of 53.1 percent to below its 50 percent maximum target over time and wants to conserve cash.
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Many retail firms are shutting down stores to cut costs and focus on the online space, dealing a blow to real estate firms that get a large chunk of their business from retailers. The company's EPRA net asset value, a key industry metric that reflects the value of a firm's buildings, was 939 pence per share, down from 967 pence per share in the six-month period ended March 31. "We expect retail to remain challenging in both the occupier and investment markets as the impact of long-term structural change is compounded by short-term headwinds," the company said in a statement.