UBS has reaffirmed its buy rating on British Land Company PLC (LSE:BLND) with a 515p price target following the real estate investment trust’s resilient first-half earnings.
The price target implies a 36% upside to British Land’s current share price of 379.4p.
British Land's retail portfolio was its saving grace in the first half, with asset values rising by 5.1%.
This managed to offset persistent challenges in the office sector, where occupancy dropped in key areas including the City of London and the West End.
Retail and urban logistics assets, however, showed robust demand, with occupancy rising to 97.3%.
British Land’s shares trade at a significant discount of 31% to net asset value, UBS noted.