Moneyweek 14 Apr pg 26

lse:blnd

#1

“The outlook for commercial property overall is not too inspiring, but some share prices have already adjusted for this. British Land (LSE:BLND) has overreacted, falling from a high of nearly £9.00 three years ago to today’s £6.50-odds, representing a real discount of about 27% to the underlying net asset value (NAV). Management has reduced gearing prudently, and the 4.5% yield is not to be sniffed at.”

Begs the question why is the market attaching such an undemanding valuation to BLND?