National Property Company of the Year
Sponsored by Savills
Winner: Land Securities
Shortlist
• British Land
• Hammerson
• Heron International
• Land Securities
• Miller Birch
• SEGRO
• St Modwen Properties
• The Crown Estate (highly commended)
• Wrenbridge Land
Its focus on development, a disciplined approach to acquisitions and disposals and rewarding asset management activities meant Land Securities was judged the best in its class this year.
In 2010, LandSec was the first property firm in this cycle to commit to starting major projects. These included Park House on Oxford Street, W1, and the Trinity Leeds retail and leisure development. In 2011, it has continued to make strong progress.
The company delivered a total business return (dividends and adjusted NAV growth) of 23.6%; an ungeared total property return of 16.8%, outperforming the IPD Quarterly Universe at 11.3%; and completed disposals of £687m at an average of 12.7% above March 2010 valuations.
It saw rental values rise by 4.7% across the total like-for-like portfolio since March 2010, reduced voids, increased its dividend and saw its NAV per share rise as a result.
Its Park House, W1, development site was sold for a total consideration of £296m, while One New Change, the first shopping centre in the City of London for 130 years, opened with the retail element fully let and offices now 73% let.
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