Full Year Results 

British Land counts cost of retail weakness

British Land counts cost of retail weakness

Like peer Land Securities (LAND), the deterioration in fortunes for UK retailers depressed British Land’s (BLND) performance through FY2019. Given the development group has a greater weighting to retail assets than its rival, it is unsurprising that it suffered a worse fall in adjusted net asset value (NAV), which declined 6.4 per cent to 905p. That was even after a £200m share buyback during the year – extended by £125m this year – which boosted that figure by 10p.

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