Investors clamour for British Land debt issue
5th Sep 2012 07:21
Demand for British Land's convertible bond issue has been strong, enabling the company to increase the size of the issue on terms favourable to the company. British Land has taken up the option to boost the size of the offering from £300m to £400m on the back of strong demand. The coupon of the bo
Read moreLondon close: Footsie drops 1.5 per cent as nerves take over
4th Sep 2012 16:41
- US manufacturing data disappoints - Markets nervous ahead of ECB meeting - Broker downgrades take down Vodafone, Land Secs... Disappointing manufacturing data from the US and skittishness ahead of a European Central Bank (ECB) monetary policy decision on Thursday sparked a sell-off on global stoc
Read moreBritish Land in convertible bonds offering
4th Sep 2012 15:35
As anyone who has played the standard British version of the board game Monopoly knows, property in Mayfair is very expensive, which accounts for why British Land is tapping the bond market to pay for its recent acquisition of the Clarges Estate overlooking Green Park. The company is offering £300m
Read moreLondon midday: Evraz leads fallers on the FTSE 100
4th Sep 2012 11:53
- Investors in 'wait and see mode' ahead of ECB - Markets await pivotal US ISM data - Moody's lower EU outlook to 'negative' The FTSE 100 had slumped to its lowest levels of the day by Tuesday lunchtime as investors were cautious about building positions ahead of some pivotal US economic data this
Read moreBroker tips: Petrofac, REITs, Ashtead
4th Sep 2012 11:49
Following a period of weakness, Credit Suisse has upgraded its rating on the shares of oilfield services group Petrofac from 'neutral' to 'outperform' and raised its target price from 1,750p to 1,800p. "We believe the stock has performed poorly on a lack of project awards over the summer period an
Read moreBroker snap: UBS remains underweight in UK real estate
4th Sep 2012 10:01
UBS says that investors should hold an 'equal-weight' position in the European real estate market, but has recommended to 'underweight the UK'. Real estate equities across Europe have outperformed the wider market by 21% in 2012 so far. "Our data suggests most generalists are underweight real est
Read moreTuesday broker round-up
4th Sep 2012 09:31
Ashtead: Jefferies lifts target from 360p to 320p, buy rating kept. Barclays: JP Morgan downgrades to neutral from overweight, target cut from 265p to 250p. British Land: UBS downgrades to neutral, target cut from 575p to 560p. Capital Shopping Centres Group: UBS upgrades to buy, target lifted fr
Read moreLondon open: Stocks slip before US data
4th Sep 2012 08:30
- Moody's lower EU rating to 'negative' - Markets await US ISM data - Investors keep eyes pinned on ECB UK stocks pulled back on Tuesday morning following a strong performance the day before as some gloomy comments from Moody's and caution ahead of some US economic data dampened sentiment. Yesterd
Read moreThursday broker round-up
23rd Aug 2012 09:29
Aegis: Nomura maintains buy rating and 240p target. British Land: Jefferies downgrades to hold. Cobham: Citigroup downgrades to neutral, target cut from 265p to 230p. Diageo: Jefferies maintains buy rating and 1,915p target; Investec maintains buy rating and 1,900p target. Evraz: HSBC upgrades t
Read moreBritish Land sells stake in Hercules Income Fund
16th Aug 2012 14:16
Real estate investment group British Land has completed the sale of its 26.1 per cent interest in the Hercules Income Fund (HIF) to clients of LaSalle Investment Management. The transaction, which represents a total property value of £72m (British Land's share £19m) and net initial yield of 6.5%,
Read moreMonday broker round-up
13th Aug 2012 08:16
AMEC: HSBC cuts target from 1,280p to 1,275p, overweight rating kept. Aviva: Exane BNP Paribas downgrades to neutral. British American Tobacco: Nomura keeps buy rating and 3,390p target. British Land: JPMorgan Cazenove ups target from 560p to 610p, overweight rating kept. BSkyB: Nomura maintains
Read moreBritish Land snaps up stake in Kingston shopping centre
31st Jul 2012 07:48
Real estate investment group British Land has acquired half of Eden Walk Shopping Centrre in Kington-upon-Thames, expanding its joint venture with private-sector pension fund USS. The 50% stake in the shopping centre was purchased for £41.5m reflecting a net initial yield of 5.35%. USS will continu
Read moreWednesday broker round-up
25th Jul 2012 10:13
3i Group: Investec initiates with buy rating and 236p target. APR Energy: UBS cuts target from 690p to 590p, sell rating unchanged. British American Tobacco: Jefferies keeps buy rating and 3,730p target. British Land: Jefferies keeps buy rating and 552p target. BT Group: Jefferies maintains buy
Read moreBritish Land sees rents holding up, Europe struggling
25th Jul 2012 07:43
Property company British Land says lettings generally are strong but its relatively minor European estate is struggling. In the three months to the end of June British Land saw lettings and lease renewals worth £13.5m, leaving occupancy across the group at 98.1%. British Land is split into two bro
Read moreWednesday broker round-up
18th Jul 2012 09:21
Ashmore: Goldman Sachs upgrades to buy. Ashtead: Jefferies reiterates buy rating and 320p target. Booker: Investec maintains buy rating and 98p target. British Land: BarCap downgrades to equal weight. Capital Shopping Centres: BarCap upgrades to overweight. Chariot Oil & Gas: Merchant Securitie
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