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UK-listed REIT owning and managing office, retail and mixed-use (incl. campus) properties mainly in London.
UK-listed REIT owning and managing office, retail and mixed-use (incl. campus) properties mainly in London.
Earns rent on long leases at its London office campuses, such as Broadgate, and at retail parks. Part of its property is held in joint ventures with investors such as GIC, Singapore's sovereign fund, which pay it fees for managing the assets. Canada Water, a former dock area in south-east London, is a long-running redevelopment.
In one line: A UK diversified REIT in a similar niche to Land Securities.
Moat: narrow (scale, installed base). Prime London office campuses and a retail-park portfolio are hard to replicate, but returns track property cycles.
Headquarters: London, UK · Founded: 1856 · Employees: 611
Size British Land (BLND.L) is a United Kingdom Real Estate company (Real Estate Investment Trusts) with a market value of $5.94B, the 83rd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £430.60 on 6 Nov 2026.
Performance Over six months the shares gained 16.9%, against -4.6% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 15.1% over the last twelve months (peer median +6.6%); the operating margin is 51.8% (peer median 33.5%).
Valuation It trades at 0.73× book value against a peer median of 1.42× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 11.6%; British Land delivers 7.8%, so the price asks more than the business earns today.
Credit British Land has 5 bonds outstanding ($1.06B) and trading like A+ at a weighted spread of 48 bp.
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £525M | £525M | £456M | £576M | £420M |
| Revenue growth | — | +15% | -21% | +37% | — |
| Gross profit | £381M | £381M | £333M | £430M | £323M |
| EBITDA | £272M | £272M | £208M | £305M | £323M |
| Net income | £454M | £454M | £338M | -£1.00M | -£1.04B |
| Free cash flow | £185M | £185M | £54.0M | £97.0M | £240M |
| Capital expenditure | £124M | £124M | £216M | £312M | £0 |
| Total debt | n/a | £3.10B | £2.84B | £2.34B | £2.39B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| British Land BLND.L | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% |
| Land Securities LAND.L | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% |
| Derwent London DLN.L | $2.87B | +15% | +45% | 1% | 0.62× | 10.0% |
| Vornado Realty Trust VNO | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% |
| Great Portland Estates GPE.L | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLND.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +8.2% | 4th highest of 21 |
| 6-month return | +16.9% | -4.6% | highest of 21 |
| Return on equity | 7.8% | 6.5% | 6th highest of 21 |
| Price / book | 0.73× | 1.42× | 3rd cheapest of 21 |
| Trailing P/E | 9.5× | 22.5× | 3rd cheapest of 18 |
| ROE the price implies | 11.6% | 12.2% | 10th least demanding of 21 |
| ROE delivered | 7.8% | 6.5% | 6th highest of 21 |
| Bond spread | 48 bp | 111 bp | tightest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
British Land has 5 bonds outstanding with $1.06B face value. Weighted yield 5.10%, a spread of 48 bp over government bonds.