British Land raises £301m for retail park deal
07:32 , Graeme Evans
British Land has raised £301 million after it launched a share placing in order to finance the £441 million acquisition of seven retail parks.
The placing, which was coordinated by Morgan Stanley and UBS, took place at a 3.6% discount of 422p and was open to retail investors as well as institutions.
The acquisition of the retail parks includes sites in Rugby, Waterlooville and Middlesbrough. The assets are 99% occupied and all benefit from a major superstore anchor.
Chief executive Simon Carter said last night: “These assets offer an attractive yield and strong rental growth prospects in line with our guidance of 3-5%.”
Tesco “in good shape” after upgrading profit guidance
07:09 , Graeme Evans
Supermarket giant Tesco today upgraded profit guidance after volume growth exceeded its expectations in the first half of the financial year.
It now forecasts around £2.9 billion of retail adjusted operating profit for 2024/25, compared with its previous estimate of at least £2.8 billion.
Today’s half-year results showed a 3.5% rise in revenues to £31.5 billion in the six months to 24 August, with retail adjusted operating profit up 9.7% to £1.55 billion.
Chief executive Ken Murphy said: “We are in good shape, with volume growth delivering strong financial performance.”
Index seen flat after steady US session, Brent Crude near $75
07:01 , Graeme Evans
Tesla shares last night closed 3.5% lower as the car maker made one of the biggest moves in an otherwise lacklustre session for US traders.
The fallback, which follows a strong run for Tesla shares since early August, came on the back of third quarter delivery figures short of Wall Street expectations.
The Dow Jones Industrial Average and the Nasdaq Composite rose 0.1%, with the S&P 500 index broadly flat.
Against this backdrop, the FTSE 100 index is forecast to open two points lower at 8289 after closing 14 points higher in yesterday’s session.
Brent Crude futures this morning traded just below $75 a barrel, with the pound down 0.6% at $1.318.