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Barratt Developments: still not feeling any Brexit effect?

Published: 13:02 15 Nov 2016 EST

Barratt homes

If you are not yet fed up of trading statements from house builders, another is due on Wednesday, from Barratt Developments PLC.

Mercifully, it is expected to be fairly short, updating the market on events since its previous statement in early September, when it said hadn’t felt any head winds from the EU referendum vote.

Investors will be looking to learn whether this is still the case, and they’ll also want to find out more about the London region in particular.

Barratt is more London-focused than some of its rivals and it was predicted that the capital might take the biggest hit from Brexit, while investors will also want an update on the London management team given the recent arrest of a Barratt London employee.

Real estate investment trust (REIT) Land Securities was a top blue-chip risers today on the back of its interims, and dragged British Land with it, so the latter’s results on Wednesday will need to be pretty special to squeeze some extra juice out.

It has had some decent news flow since the EU referendum, such as the sale of the Debenhams flagship store in Oxford Street for £400mln, which Numis Securities saw as “a positive marker in the sand”.

“On the theme of capital recycling, following full letting of The Leadenhall Building, there has been speculation in the press that BLND is seeking to sell its 50% stake in the asset in order to both lock in development profits and to recycle the capital into the redevelopment of 100 Liverpool St following the vacation by UBS,” Numis noted.

“Given our less pessimistic views on the outlook for London offices, pushing ahead with the repositioning of 100LS [100 Liverpool Street] makes sense to us as we expect demand to hold up, plus BLND intends to deliver a much higher retail content in the new scheme than currently exists, in line with its diversification plans for the wider Broadgate estate,” Numis said.

Significant announcements expected

Interims: MHP S.A GDR (LON:MHPC), HICL Infrastructure Co Ltd (LON:HICL), Fenner PLC (LON:FENR), British Land Co PLC (LON:BLND), ICAP PLC (LON:IAP), Schroder Real Estate IT (LON:SREI)

Finals: None

Trading statements: Aggreko PLC (LON:AGK), Barratt Developments PLC (LON:BDEV)

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