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British Land H1 Loss Widens, Declares Dividend; Sells Clarges, Mayfair To Deka For £177 Mln

British Land Co. plc (BRLAF.PK,BTLCY.PK,BLND.L) reported Wednesday that its IFRS loss after tax was 730 million pounds, wider than last year's loss of 404 million pounds.

IFRS basic loss per share widened to 78.7 pence from prior year's loss of 42.9 pence.

Underlying earnings per share were 10.5 pence, compared to 16.1 pence last year, primarily reflecting an increase in provisions for rent receivables.

Underlying profit fell 29.6 percent to 107 million pounds from 152 million pounds last year.

Gross rental income declined to 268 million pounds from 275 million pounds last year. Net rental income fell to 191 million pounds from 243 million pounds a year ago.

Further, the company announced interim dividend of 8.4 pence per share, representing 80% of underlying earnings per share.

Going forward, dividends will be paid semi-annually as opposed to quarterly, to be announced at the interim and full year results based on the most recently completed six-month period.

Separately, British Land announced it has completed on the sale of Clarges Mayfair to Deka for 177 million pounds, 7.6% above the September 2020 valuation.

Clarges was acquired in 2012 and the redevelopment was completed in 2017, delivering over 50,000 sq ft of office space, 34 super prime residential apartments and nearly 15,000 sq ft of high quality retail.

The offices and retail space are fully let, with retail occupiers including Le Comptoir Robuchon, Le Deli Robuchon and a Porsche showroom.

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