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LandSec completes £450m disposals

Land Securities sold assets totaling £450m in the three months to the end of last year, generating a profit of £21.4m.

The company has also made acquisitions worth £99.8m in the nine months to 31 December 2015.

There is £13.7m of development lettings listed in the quarter, including 1 and 2 New Ludgate, EC4 hich is 95% let and the Zig Zag building, SW1 which is 88% let.

Pre-lets on 20 Eastbourne Terrace, W2 are at 88% and 100% at 1 New Street Square, EC4.

Planning consent was also granted for 337,000 sq ft at Nova East, SW1, and 1 Sherwood Street, W1.

On a same centre basis, retailer sales were up 1.2% this quarter on the same quarter last year and up 4.3% for the 52 weeks to 3 January 2016.

On a same store like-for-like basis, retailer sales were down 0.8% this quarter on the same quarter last year and up 2.7% for the 52 weeks to 3 January 2016

The company has also posted a loan to value ratio at 24.3% at 31 December based on 30 September 2015 asset values, compared with 26.5% at 30 September 2015.

Robert Noel, Chief Executive, said: “We have had a good third quarter with robust operational performance including record footfall in our shopping centres and continued letting momentum in our development programme.

“In London, rental value growth continued and the 186,000 sq ft of development lettings we completed in the quarter were ahead of our valuers’ most recent estimates. In Oxford, we are transforming the city’s major shopping centre and have made good leasing progress two years ahead of opening.

“We are delivering on our clear strategy for the business and, despite economic and political uncertainty, are confident in the strength of demand for our schemes.”

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