…and British Land says worst is over as it reports strong results

first_imgThe company’s net asset value dropped by 20% to 1344p a share in the year to 31 March, which compared with analysts’ consensus forecast of 1280p. The driver of the fall was a 10% drop in the value of the portfolio to £13.47bn, with the blended net equivalent yield rising by 92 basis points to 5.6%. In British Land’s fourth quarter – the first three months of this year the drop in values slowed to just 2.2%. The London office portfolio dropped by 6.4% in value, while retail fell by 12.1%. Of the three major assets, the Regent’s Place office estate near Euston was the best performer, rising 1.3% in value over the year to £702m. The Meadowhall shopping centre near Sheffield dropped by 9.6% to £1.5bn and the Broadgate estate in the City of London fell by 11.5% to £2.7bn. Underlying pretax profit, excluding the effect of the revaluation, was up 11% to £284m and the full-year dividend was raised by 72% to 35p a share.‘We believe that property pricing is now generally much more supportable than at the market peaks when we were large scale sellers and that the worst of yield correction ‘should’ be behind us,’ said chief executive Stephen Hester. ‘The slowdown of price declines in the last quarter supports this view. ‘However, markets have often been known to overshoot in both directions and we do expect a further decline in the current year.’last_img read more

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Amazon’s Bezos says he’ll send a spaceship to the moon

first_imgJeff Bezos speaks in front of a model of Blue Origin’s Blue Moon lunar lander, Thursday, May 9, 2019, in Washington. (AP Photo/Patrick Semansky)WASHINGTON | Amazon tycoon Jeff Bezos says he’s going to send a spaceship to the moon, joining a resurgence of lunar interest half a century after people first set foot there.Bezos says his space company Blue Origin will land a robotic ship the size of a small house, capable of carrying four rovers and using a newly designed rocket engine and souped-up rockets. It would be followed by a version that could bring people to the moon along the same timeframe as NASA’s proposed 2024 return.Bezos, who was dwarfed by his mock-up of the Blue Moon vehicle at his presentation Thursday, says, “This is an incredible vehicle and it’s going to the moon.”Bezos says: “It’s time to go back to the moon. This time to stay.”last_img read more

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