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Brexit p4
Set to Benefit?
British Land (BLND) / Commercial Property
British Land Co. is one of the biggest listed commercial property companies in Europe. The buoyant London market is key for BLND and its peers, but the extent to which it relies on foreign (both EU and non-EU) investment is evident in the fact that shares in BLND have collapsed some 23% since in/out squabbling among the UK’s politicians began last year.
With shares now around levels last seen in September 2014, is the company now fully valued for a UK that’s no longer part of the EU? If so, then when a ‘stay’ vote – the more likely outcome – is cast, we could see the price rally strongly to regain mid-2015 levels. Time to buy?
Broker Consensus
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Prepared by Michael van Dulken, Head of Research
