British Land Stocks Going Well
British property companies in the FTSE 100 were going well on Tuesday afternoon with Land Securities, the largest commercial property company in the country, up 12.5p or 2.01% to 634.5p and British Land, the second largest, up 8.2% or 1.87% to 446.3p. An increase in the monthly house price balance from the Royal Institution of Chartered Surveyors (RICS) also pointed towards a better economic outlook in Britain.
Dominic Turner
shareprices.com - Tuesday, February 09, 2010
Between them the two companies own around 50 million square feet of commercial property in the UK but both had recently announced hundreds of millions of pounds worth of property sales in an effort to repay their debts.
British Land, for example, reportedly has around £1 billion to invest after selling shares and assets, including a 50% stake in the Meadowhall Shopping Centre in Sheffield. The company reported that net income in the last three months of 2009 was £623 million, or 72p a share, a significant improvement of the loss of £1.59 billion, or 257p a share, reported in the same period in 2008. British Land owns 50% of the Broadgate office complex in the City of London, but specialises in large out-of-town warehouses for the likes of Asda, Currys and Next; the company reported "strong" valuation growth across all of its various property types.
Land Securities is also in the process of selling its 33% stake in the Bullring Shopping Centre in Birmingham, worth £200 million, to an Australian fund.
Overall, the FTSE 100 index closed up 19.51 points or 0.4% at 5,111.84 after hitting 5,132.93 at one stage.
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