ODDO : Battle of the Lands – British Land vs. Landsec
The revival of the UK real estate market is underway. We see that British Land and Landsec are moving in diverging directions, which provides shareholders with clear strategic options, depending on their level of risk appetite. We see strong potential in both: We initiate coverage on British Land with an Outperform recommendation and a 500p TP, and on Landsec with an Outperform recommendation and a 735p TP. - >The UK real estate market: waking up - The UK economy is...British Land Company is a real estate investment trust. Co. is a U.K. commercial property company focused on retail and London offices. Co.'s Retail portfolio is focused on a network of multi-let Regional and Local centers, reflecting modern consumer lifestyles. Co. provides retail and leisure with services meeting a range of consumer needs. Co. provides places to shop, eat and be entertained. Co.'s Offices portfolio is focused on its London campuses which also include a mix of retail, leisure and residential.
Land Securities Group is a real estate investment trust. Co. buys, sells, develops and manages commercial property in the U.K. Co.'s operations are organized into two operating segments, the London Portfolio and the Retail Portfolio. The London Portfolio includes all Co.'s London offices and central London shops and the Retail Portfolio includes all Co.'s shopping centers and shops (excluding central London shops), hotels and leisure assets and retail park properties.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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