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| British Land rating: 'neutral' |
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| Written by Gary Howes |
| Tuesday, 18 August 2009 09:46 |
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Comment from Hargreaves Lansdown on British Land Q1 Results. Keith Bowman, Equity Analyst at Hargreaves Lansdown Stockbrokers comments on British Land Q1 Results: "Against a backdrop of renewed investor fears, first quarter results from British Land (LON:BLND) are playing their part in helping to restore confidence. A marked slowing in the pace of property valuations is being highlighted, with tentative signs of investor confidence returning. "In addition, the balance sheet is potentially being strengthened further via the sale of the group's Broadgate development, while management confidence is being underlined by its noted action of seeking new investments. "Nonetheless, as with the broader market, the shares have already attempted to price in at least a stabilisation in conditions (+37pc over the last 6 months), while overall group valuations are still in decline. Furthermore, a significant number of City office properties are due to be opened in the medium term - a possible reason for the group's Broadgate sale - whilst the shake-out in the retail sector (Allied Carpets) remains ongoing. On balance, market consensus opinion is currently neutral in tone." 
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