British Land Company (BLND)

Sector:

Property Investment Trusts

Index:

FTSE 250

393.00p
   
  • Change Today:
      5.60p
  • 52 Week High: 462.40
  • 52 Week Low: 331.00
  • Currency: UK Pounds
  • Shares Issued: 999.16m
  • Volume: 683,361
  • Market Cap: £3,926.70m
  • RiskGrade: 188
  • Beta: 0.02

British Land to vote against Cineworld restructuring - report

By Michele Maatouk

Date: Wednesday 07 Aug 2024

LONDON (ShareCast) - (Sharecast News) - British Land is reportedly considering voting against a restructuring of Cineworld's British operations that could lead to the closure of dozens of sites.
According to Sky News, British Land is among a number of landlords dissatisfied with formal proposals tabled by the cinema giant.

Cineworld has confirmed plans to close six of its UK multiplexes, but documents circulated to creditors show almost 50 others are in categories requiring landlords to agree to revised rent deals in order to ensure their long-term viability.

Property industry sources told Sky that several Cineworld landlords were unhappy with the proposals as currently configured and were expected to press for an improvement of the terms.

British Land, which is understood to own four Cineworld sites, three of which would be compromised under the plan, declined to comment to Sky.

Last month, Sky report that Landsec and Legal & General were among the largest Cineworld landlords in the UK, although it was unclear on Wednesday how they planned to vote on the restructuring.

According to documents sent to creditors, 33 sites - categorised as Class B - "require a reduction of rent to ERV [Estimated Rental Value] Rent in order to place the sites on a viable long-term footing". A further 38 of Cineworld's cinemas would be unaffected, while another 16 Class C1 and C2 leases require reductions to either turnover rent or zero rent in order to render them financially viable.

They added that the company did not have sufficient funding to meet a quarterly rent bill on June 24 of £15.9m.

"The UK group did not have sufficient liquidity to make the June 2024 Rent Payment and required further funding from the US Group to meet this liquidity need.

"Absent this funding, the UK Group would have been insolvent on a cashflow basis."

A convening hearing has been scheduled to progress the restructuring plan later this month.

Cineworld said in a statement to Sky: "We anticipate that six cinemas will close as part of our Restructuring Plan.

"With the support of our landlords, the plan will enable us to deliver a cost base which supports a sustainable long term business serving audiences across the remainder of our estate."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

British Land Market Data

Currency UK Pounds
Share Price 393.00p
Change Today 5.60p
% Change 1.45 %
52 Week High 462.40
52 Week Low 331.00
Volume 683,361
Shares Issued 999.16m
Market Cap £3,926.70m
Beta 0.02
RiskGrade 188

British Land Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
22.95% above the market average22.95% above the market average22.95% above the market average22.95% above the market average22.95% above the market average
50.00% above the sector average50.00% above the sector average50.00% above the sector average50.00% above the sector average50.00% above the sector average
Price Trend
10.60% above the market average10.60% above the market average10.60% above the market average10.60% above the market average10.60% above the market average
7.14% above the sector average7.14% above the sector average7.14% above the sector average7.14% above the sector average7.14% above the sector average
Income
63.44% above the market average63.44% above the market average63.44% above the market average63.44% above the market average63.44% above the market average
56.52% above the sector average56.52% above the sector average56.52% above the sector average56.52% above the sector average56.52% above the sector average
Growth
30.84% above the market average30.84% above the market average30.84% above the market average30.84% above the market average30.84% above the market average
3.70% above the sector average3.70% above the sector average3.70% above the sector average3.70% above the sector average3.70% above the sector average

What The Brokers Say

Strong Buy 8
Buy 4
Neutral 8
Sell 0
Strong Sell 0
Total 20
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

British Land Dividends

  Latest Previous
  Final Interim
Ex-Div 19-Jun-25 05-Dec-24
Paid 25-Jul-25 15-Jan-25
Amount 10.56p 12.24p

Trades for 28-May-2025

Time Volume / Share Price
16:07 1,124 @ 393.00p
16:06 1,919 @ 392.60p
16:06 238 @ 392.80p
16:06 8 @ 392.20p
16:06 528 @ 392.60p

British Land Key Personnel

CEO Simon Carter
CFO David Walker

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