LandSec makes £21.4m profit
Land Securities sold £450m of property in the final quarter of 2015, generating profit of £21.5m. Cash from the sales is to be reinvested in its development pipeline. Successful letting activity during the period also meant that 1 and 2 New Ludgate, EC4, is 95% let, the Zig Zag building, SW1, is 88% let and 20 Eastbourne Terrace, W2, is 88% let. 1 New Street Square, EC4, is fully let.
Regional REIT portfolio up
The value of Regional REIT’s portfolio rose from £379m to £407m in the second half of 2015 – a like-for-like increase of 7.25%. The company said it sold six properties for a total of £8.8m during the second half of 2015, generating a £2.5m surplus to the portfolio’s 30 June valuation.
TPG signs development jv
TPG’s Special Situations Partners has entered into a joint venture with development financier Maslow Capital. The US private equity group will work with Maslow to provide direct lending to UK real estate companies embarking on development opportunities.
Safestore locks in value growth
Safestore increased the value of its portfolio by 10.2% to £83.1m in 2015. Lease regears were managed on 17 properties over 2015, while average lease lengths across the portfolio reached 13.9 years, a rise of 1.8% year-on-year.
