British Land Share Discussion Threads

[sharesoc] 06/7/2021 09:08

We are hosting a joint ShareSoc/Yellowstone webinar with British Land on the 19th July which may be of interest to current shareholders and potential investors. Simon Carter (CEO) and David Walker (interim CFO) will be presenting:

[nickrl] 11/1/2021 15:30

Operational update today shows that retail payments were still under pressure at 45% even before latest lockdown was announced yet there office collection rates continue at high rate of 95% although this a few % down on previous qtrs. Interesting that office tenants don't appear to be withholding rent but retail tenants continue to do so at an increasing rate each qtr.

[williamcooper104] 18/12/2020 10:38

Compare and contrast Delancey - the private vehicle/fund manager founded by the Riblatts after they left BL v BLs performance over last 15 years

[shieldbug] 18/12/2020 09:28

Sold out of BLND. The management are more curatorial than entrepreneurial. Its been run by a banker for 10 years and now another one.

[porsche1945] 18/11/2020 18:56

@ghhhh

Probably not, the pound has been trashed since 2016 brexit fiasco, foreign investors dont want to be invested in politically unstable countries or buying into depreciating currencies. UK needs a brexit deal and a soft one or the U.K. is even more fxxked than it already is. Either way the countries best days long past. I drove through London this afternoon, totally dead, I’d be selling BL and quick.

[deanforester] 18/11/2020 17:19

Was the fall because the news was already in the price?

[essentialinvestor] 19/10/2020 13:04

Appreciate the view, thanks.

[williamcooper104] 19/10/2020 11:06

GPOR/DWT are BL are interesting All have very strong balance sheets and BL/GPOR could be M&A targets

[williamcooper104] 19/10/2020 11:03

Personally for my risk/reward/income preferences I prefer long leased, relatively secure, commercial property - be that logistics, supermarkets or medical/health (what used to be called "alternatives" and is now mainstream) I was fortunate to privately develop life sciences/healthcare assets - so I tend to follow my listed equity investments where I've gone privately The ultimate commercial real estate sector is commercial (not residential) ground rents as these provide the best inflation protection together with a yield and security of income that works well in deflationary environments - however that's impossible to get in the U.K. public markets as our pension/annuity funds have been buying the market GPOR/DWT - London focuses, lowly leveraged

[essentialinvestor] 19/10/2020 09:26

William, if I may ask, which commercial property sector stocks do you see
as interesting?, thanks.

[williamcooper104] 19/10/2020 09:18

Google buying their Central Saint Giles office for £800m (largest ever west end office sale) Google only occupy 20 percent of the site at moment Big confidence vote

[williamcooper104] 17/10/2020 07:08

London office valuations reflect Brexit risk and didn't fully reprice for QE unlike Paris (only other deep/liquid Eurpean office market) IMO a no deal likely to be very good for super prime resi (though recent tax changes are v negative there), harder call on prime offices The London office market got saved last cycle by tech companies and they're not, in the main, that bothered about a hard brexit - just makes their U.K. liabilities/staff cheaper Sub-letting the greater risk The other good thing about brexit is that it hit development pipelines so we went into covid with a tight supply

[ghhghh] 25/9/2020 07:00

A No Deal Brexit would crash £ resulting in foreign funds piling into UK property investments, supporting/boosting valuations?

[williamcooper104] 24/9/2020 11:41

Bizarrely the private markets are still a lot hotter than you'd think they should be - yields haven't moved out much/if all Grey space will be the killer as always is in the city Ironically BLs retail park assets now might look better than their office assets

[williamcooper104] 24/9/2020 11:38

It looks like the position is being parked in Brookfields 2019 vintage real estate PE fund - it's a mega fund Some PE funds have just taken public shareholdings and held them - Starwood bought into GPOR - but LPs don't pay their 2 and 20 for GPs to go buy listed equity (its a little bit more than we pay our broker :) - so a takeover approach is likely (IMO) - if the price is right Brookfield did hold onto a minority in Songbird for years - but that was after they failed to take it over

[porsche1945] 24/9/2020 09:02

The only thing that will save BL now is a brexit deal, any deal, good or bad as long as not a hard brexit, otherwise the exodus from London will continue, jp Morgan yesterday. U.K. a terminal basket case. However, maybe get a deal, vaccine appears and maybe even Boris resigns, then things might take off.

[jonwig] 17/9/2020 06:01

Brookfield stake up from 7.3% to 9.2%:



Hardly the time to be a seller.

[shieldbug] 10/9/2020 12:42

A good interview with Simon Carter -

hxxps://www.financialdirector.co.uk/2019/05/06/british-land-cfo-on-diversifying-in-the-face-of-brexit/

[shieldbug] 10/9/2020 11:21

Apparently Simon Carter was Head of Strategy at British Land when he left in 2015.

Not sure if that counts in his favour.

[shieldbug] 10/9/2020 11:18

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 16:54

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.

[williamcooper104] 03/9/2020 15:39

Thanks - will check that out

[essentialinvestor] 03/9/2020 15:07

Detailed comment on the company and sector in today's FT Markets Now,
for anyone interested.

[williamcooper104] 28/8/2020 15:55

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 15:47

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