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- Asset Sales drive robust financial performance for British Land
In what its chief executive, Chris Griggs, describes as “another good year for British Land”, the company says that financial performance has been robust following significant asset sales and that it has made further strategic and operational progress, while leasing activity has been strong across the business. During the year, the completed over £1 billion of sales, made ‘selective acquisitions’, undertook a £300m share buyback and further reduced its net debt (it says its loan to value ratio is now at 28%).
The company comments that, looking forward, it is “mindful of uncertainties”. Its says that, in retail, market conditions are likely to remain challenging although, in offices, demand for its space is healthy, with a range of businesses continuing to commit to London and the supply of high quality new space relatively constrained in the short term. Furthermore, it believes that, as the ways in which businesses and people use space evolves, it can use its “strong and flexible balance sheet” to can capitalise on the opportunities this creates, broaden the type of space it offers and further enhance the mix of uses and occupiers.
The company has highlighted the following in its results announcement for the year ended 31 March 2018:
Asset Sales drive robust financial performance for British Land : BLND
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