Brexit risks already priced into British Land shares, Citi says

Some of the recent negative trends at British Land would revert in the second half of the year and the risk of Brexit was already priced into its stock, Citi said.

Analyst Aaron Guy stuck by his 'buy' recommendation on the shares on Tuesday, heading into the London-based property investment company's fiscal-year results.

Recent rent and yield moderation would "positively accelerate" in the backhalf of the year.

Furthermore, the shares were already trading at a 25% discount to their net asset value and full-year NAV was set to grow by 17% over the full-year, alongside an expansion of 8% in earnings per share and dividends, he estimated.

Guy also expected the full-year results to 31 March 2016 to be positive despite slowing letting and investment market demand year-to-date in 2016 on the back of uncertainty relating to the Brexit referendum.