British Land announce further share buyback programme
14 June 2018
Following the sale of 5 Broadgate announced this morning, British Land intends to extend its share buyback programme by allocating up to £200 million to purchase shares in the Company during the current financial year.
The Board regularly reviews how the Company allocates capital to optimise long-term returns to shareholders. During the financial year ended 31 March 2018, the Company bought back £300 million of shares, as well as continuing to invest to position our business for growth. This included doubling the size of our committed development pipeline, making selective, on-strategy acquisitions and progressing longer-term value creation opportunities such as our Masterplan for the redevelopment of Canada Water in central London.
The Board believes that investment in the Company's shares at the prevailing discount to net asset value offers attractive value. Our financial position remains strong with LTV at 28% as of 31 March 2018, and we will continue to progress our strategic agenda of investing in our business with a disciplined approach to capital allocation and returns.
A further announcement containing more detailed information regarding the share buy-back will be released before the start of any dealing under the share buy-back program.
David Walker, British Land 020 7467 3418
Charlotte Whitley, British Land 020 7467 2938
Guy Lamming & Gordon Simpson, Finsbury Group 020 7251 3801
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