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British Land plans share buyback up to 300 mln stg

Reuters - UK Focus

July 18 (Reuters) - British Land (LSE: BLND.L - news) intends to spend up to 300 million pounds to buy back its shares in this financial year, it said on Tuesday, citing limited investment opportunities.

Britain's second-largest listed property developer, which owns the Meadowhall shopping centre in Sheffield and office property at Paddington Central in London, said its shares are trading at a substantial discount to the company's net asset value, making a buyback a "clear value opportunity".

"Investment in the company's shares at the prevailing discount offers better value than further asset acquisitions," the company said in a statement ahead of its annual general meeting. (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman)