Transaction in Own Shares

RNS Number : 8220L

British Land Co PLC

24 July 2017

 

Engagement of brokers to execute £300 million share buyback programme

24 July 2017

The British Land Company PLC ("the Company") announces that it has engaged Morgan Stanley and UBS ("the Brokers") in relation to the programme, announced on 18 July 2017, to repurchase the Company's ordinary shares up to the value of £300 million. The programme will be executed between 24 July 2017 and 23 March 2018.

The purpose of the programme is to reduce the capital of the Company.

The Brokers will purchase the Company's ordinary shares as principal and sell them on to the Company in accordance with the terms of their respective engagements. The Company intends to cancel the shares it purchases through the programme.

Any share purchases will be made in accordance with certain pre-set parameters set out in the terms of the Brokers' respective engagements, the general authority of the Company to repurchase shares granted by shareholders at the Company's annual general meeting held on 18 July 2017 (which permits the Company to purchase no more than 102,981,547 of the Company's ordinary shares), the EU Market Abuse Regulation (596/2014), the Commission Delegated Regulation (2016/1052) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

-ENDS-

Enquiries:

Investor Relations

Cressida Curtis, British Land                                             020 7467 2938

Media

Pip Wood, British Land                                                      020 7467 2838

Guy Lamming, Finsbury                                                    020 7251 3801

Gordon Simpson, Finsbury                                                020 7251 3801

Notes to Editors

About British Land

Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices.  We own or manage a portfolio valued at £19.1 billion (British Land share: £13.9 billion) as at 31 March 2017 making us one of Europe's largest listed real estate investment companies.

Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer.  We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them.  This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.

Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 48% of our portfolio.  Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio.  Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.

Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing.  Our industry-leading sustainability performance led to British Land being named a European Sector Leader in the 2016 Global Real Estate Sustainability Benchmark for the third year running.

In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.

Further details can be found on the British Land website at www.britishland.com.

 

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