British Land to cash in on job growth, Liberum Capital says

11th Aug 2014 15:31

Investors should buy British Land to cash in on strong job growth in UK service industries, according to Liberum Capital.The broker has upgraded the developer, whose properties include the Meadowhall shopping centre in Sheffield and the Broadgate complex in the City of London, to a 'buy' rating with a 763p target price.Liberum believes strong growth in employment in UK services should feed through into more rental growth in London offices, which make up 41% of its assets.British Land could also benefit from an uptick in retail rent values evident in results from rivals Intu and Hammerson, Liberum said.It added that the group's shares had drifted down 4% in the last three months and were now trading at their lowest multiple this year.Shares in British Land rose 16p, or 2.3%, to 699p at 15:47 in London. PW