London Merchant Securities (LMS) today said trading for the 12 months to 31 March was in-line with expectations.
The group, which publishes it preliminary results on 23 May, said its property division had performed well during the year, while its investment division showed strong progress.
During the period, LMS entered into a joint venture with Miller Developments to buy the Swinton shopping centre in Greater Manchester with the aim of exploiting the redevelopment and extension opportunities.
Two further properties on City Road, N1, were also acquired; Monmouth House for £12.5m and Featherstone Street for £1.7m, which further extend LMS’s City Road Estate.
A number of properties were divested in the period. LMS said these realised strong returns on cost and included the Rivergate shopping centre in Peterborough, sold for £11.1m, and 22 Hanover Buildings in Southampton, sold for £1m.
Work on LMS’s development pipeline continues. At 26 – 28 Dorset Square, adjacent to Marylebone Station, site work is imminent, and work on 105 Tottenham Court Road will start shortly.
The expected sale of some Scottish land has been delayed to the financial year 2005/2006.
References: EGi News 08/04/05
