FINANCE: Political uncertainty has not deterred investors or tenants from Land Securities’ portfolio, after it sold £702m of assets in the final quarter of 2014.
Many of the properties were sold as part of the REIT’s strategy to move away from smaller shopping centres. Sales included Princesshay in Exeter for £127.9m.
It brought total sales for the nine months to the end of December to £886.4m – 15% ahead of the March 2014 valuation.
Land Securities also toasted its London office portfolio, where values are increasing as a result of high demand coupled with limited stock.
Of the 1.4m sq ft office stock remaining to be let in its pipeline, 87,000 sq ft is currently in solicitors’ hands, and across offices and retail it agreed £10.9m of lettings. A further £8m are under way.
The group also invested during the three months to 31 December 2014, spending £234.6m on acquisitions.
It also spent £95.7m on development and refurbishment of its existing portfolio.
Chief executive Robert Noel said: “Although there is political uncertainty at home and abroad, we expect interest in our schemes to remain strong, reflecting both the quality of our portfolio and the lack of supply in London.”
Owing to the result of the cash receipts from the disposals, net debt fell to £4.2bn from £4.6bn as at 30 September 2014.
