British Land Co's (LSE:BLND) formation of a 50/50 joint venture with Royal London Asset Management to develop a science and innovation building in Regent’s Place is a “good move”, reckon analysts at Shore Capital.
The joint venture is to help accelerate the delivery of British Land’s £385 million overhaul of 1 Triton Square, formerly the European headquarters of Facebook owner Meta Platforms, into a London sci-tech hub.
“We believe this a good move by the company, releasing some early gains while also helping advance overall delivery of the scheme,” said Shore Cap.
According to the analysts, the JV will help to reduce British Land’s loan-to-value while incrementally enhancing earnings per share in 2025.
Shore Cap upgraded British Land to a 'buy' rating last week, and has reiterated this rating today.
Shares were sent 2.4% higher to 377p following the joint venture announcement.