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Share Name Share Symbol Market Type Share ISIN Share Description
British Land Company Plc LSE:BLND London Ordinary Share GB0001367019 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -10.40 -2.03% 501.20 499.70 500.20 510.80 499.80 510.40 1,749,497 16:35:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 468.0 -1,053.0 -111.2 - 4,645

British Land Share Discussion Threads

Showing 2251 to 2275 of 2300 messages
Chat Pages: 92  91  90  89  88  87  86  85  84  83  82  81  Older
DateSubjectAuthorDiscuss
10/9/2020
12:18
British Land plans 700,000sqft new office space at 2 Finsbury Avenue. Simon Carter appointed CEO. Market not exactly ecstatic. hxxps://www.standard.co.uk/business/property-developer-british-land-unveils-major-new-london-offices-proposal-a4537446.html
shieldbug
07/9/2020
17:54
Thanks Essential. Just reinforces my view that this is a time to listen to ones own instinct. It will all make sense with hindsight. Certainly there are plenty of journalists making hay with this topic. For that reason alone one needs to read/listen with great care.
shieldbug
03/9/2020
16:39
Thanks - will check that out
williamcooper104
03/9/2020
16:07
Detailed comment on the company and sector in today's FT Markets Now, for anyone interested.
essentialinvestor
28/8/2020
16:55
It ought to be feasible (although as said at much lower current use values so not without a lot of pain) Would require careful planning There's still plenty of Chinese/HK happy to buy expensive flatsConverting office into resi isn't that hard - plenty of regional secondary offices have been
williamcooper104
28/8/2020
16:47
But to make it worthwhile to convert into resi current use values need to fall considerably - good office is c£1.5k psf - conversation to resi works at max of £1k psf (and probably more like £500-700 psf) So we won't get the upswing until values tank
williamcooper104
28/8/2020
16:46
William, is that feasible in Central London though?. Could some of the office towers in to apartments?.
essentialinvestor
28/8/2020
16:44
The secular adjustment hopefully swings into a normal cyclical swing by huge amounts of office space being converted into residential
williamcooper104
28/8/2020
16:42
Totally agree Last cycle it was much easier even if it did seem like the economy was going to be toast for a long time Far far harder to call WFH/covid Ultimately it's probably just yet another extreme cycle in what's always been an extremely cyclical market The better investors/operators like DLN/GPOR have almost no debt - so they will likely do well out of it - but if you invest in them now you need to be comfortable with what's likely to be volatile ride
williamcooper104
28/8/2020
16:36
William, this is the most challenging time to make a call on London office that I can remember. Cyclical swings are easier to read than potential secular adjustments.
essentialinvestor
28/8/2020
16:29
It can - there was simply just too much of it PE backed chains rolled out mega expansion plans and signed up for high rents They all based their business rates on the then much lower level ratable values and forgot that rates would be rebased to almost 50 percent of the rents they signed up to
williamcooper104
28/8/2020
15:28
yesterday I walked from Aldgate through the city to Aldwych yesterday. Stand out feature was that there are two large construction projects progressing in Leadenhall Street. Surreal considering the whole city is almost empty. 8 Bishopsgate - Stanhope - 770,000 sq ft - 50 storey tower 40 Leadenhall Street - MandG 905,000 sq ft office complex
shieldbug
28/8/2020
15:05
William Cooper - Thanks for your points about what they thought about retail. I hadn't seen that before. Casual dining seems to me to have failed though bad management as much as anything. But I do think it can work very well in shopping centre food courts.
shieldbug
27/8/2020
19:13
DLNs performance has been excellent They were great at buying secondary assets in then fringe location and then redeveloping/repositioningBrexit may well be a disaster but it's not really impacted on central London office demand - however Covid/wfh could well be hugely challenging If WFH stays then could see 20-30 percent less office space - redundant office space will be converted into resi but before that happens office rental and capital values are likely to tank The other issue with DLN is that the previous management team is retiring g
williamcooper104
27/8/2020
19:09
They all thought that retail would shrink to the top 50 locations So so long as you owned those centres you'd see rental growth They also thought that casual dining would replace retail (which it did until it didn't) Casual dining expansion drove up rental values
williamcooper104
27/8/2020
18:32
shield, both DLN and HLCL have very significant exposure to London office, So you would need to be convinced of the future success of that asset class to consider either. And without getting in to any interminable B word discussion, that is also arguably a significant factor for those two businesses (at leadt from a sentiment perspective). Good fortune with your holdings.
essentialinvestor
27/8/2020
18:06
Essential - Completely agree with what you say about executive pay. It doesn't alter the fact that Grigg arrived in January 2009 and had equity raise 2 months later. Its not just about elevated prices pre-GFC, its about debt. Elevated prices combined with excess leverage can suddenly turn negative equity when prices drop. I can't judge Grigg or the current team on their performance over the GFC - they just weren't there at the time. You can judge Grigg on his record since - and it was mediocrity. I can see the historic attraction to retail, the yield was much higher than London offices. They did know in 2009 that online retail was eating into bricks n mortar retail and they didn't change strategy. Thanks for your points about Derwent and Helical - I'll take a look there too.
shieldbug
25/8/2020
18:15
I remember a board director of one of those (or similar) companies boasting privately that they spent so much on cabs so as to create a "saving" by getting themselves the chauffeur
williamcooper104
25/8/2020
18:13
The big difference is that BL (as was with Riblats) Helical and Derwent have all had management teams/families with huge equity participations
williamcooper104
25/8/2020
18:09
Hard call CEO was a disaster And CFO was Nicky lesson on swaps
williamcooper104
25/8/2020
17:27
Property prices may have been elevated pre GFC, but it has not stopped Derwent(DLN) approx doubling their NAV since 2007 - and they are London office, not industrial. It's also not prevented Helical reporting a NAV well in excess of 2007 peak cycle levels. Helical also had some significant regional retail, however they anticipated some of what was to come and began selling those assets 4 years ago, completing their last retail sale about 18 months ago. BOD's and in particular CEO's of large REITS are highly paid individuals. It's not just base salary, it's usually bonuses, options packages, pension top ups, medical insurance, life insurance, critical illness and very likely the use of a chauffeur driven car. You expect results given this. Not mediocrity.
essentialinvestor
25/8/2020
17:16
SGRO's fundraising in 2009 was in order to buy Brixton, not forced upon them. (Absent that, a smaller fundraising might have been called, yes.) I remember that as I was an unhappy Brixton shareholder: the behavious of its CEO was disgraceful.
jonwig
25/8/2020
16:30
Sergo also bought Brixton at the bottom of the market And they didn't raise equity AND gift assets BL and Land both gifted assets and raised equity at thumbing discounts
williamcooper104
25/8/2020
16:25
Essential - It would seem pretty pointless to analyse British Land's NAV performance through the GFC. Property prices were inflated on banker's-bonus fuelled securitised property debt and the market crashed. If you look at the equity raise that Segro were forced into in 2009 it was horrendous. They raised £500m at an 86% discount to the share price. So Segro should be scoffed at even today for that - but who cares now? I think we need to judge property companies on how they fared since that time and where indeed they are headed. Clearly Segro has a much more attractive trajectory than British Land.
shieldbug
25/8/2020
16:22
From memory the cash on cash returns where 40 something percent So Blackstone would have had their money back out in not long over 2 years It was literally gifted LandSec similarly gifted Trillium to the Pears May not have been most institutionally friendly - but worst thing that happened to BL was getting rid of the Ritblats (see success of Delancey since that happened)
williamcooper104
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