Land Secs sees 'good momentum'
Land Securities, the FTSE 100 real estate investment trust, says it has seen 'good momentum' on lettings across all schemes in the first quarter.
Land Securities, the FTSE 100 real estate investment trust, says it has seen 'good momentum' on lettings across all schemes in the first quarter.
The group invested £148.2m in the quarter, including capital expenditure on developments of £59.5m. Some £9.3m of development lettings were signed since April 1st.
In its London portfolio, £5.8m of development lettings were signed with a further£2.4m in solicitors' hands. Shopping and office site One New Change is now 94% let, 20 Fenchurch Street offices are 19% pre-let or in solicitors' hands, while 123 Victoria Street retail spaces are fully let and offices there are 42% pre-let.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the Retail portfolio, £3.5m of development lettings were signed with a further£2.3m in solicitors' hands. Trinity Leeds shopping centre is now 72% pre-let (up from 65% in March) with a further 8% in solicitors' hands, while 185-211 Buchanan Street in Glasgow remains 92% let.
"Our focus continues to be to secure income from our developments. We are pleased with progress and continue to see interest from occupiers, despite ongoing uncertain economic news flow. While transactions are taking longer, occupier interest and intent remains firm as businesses seek out efficient space for their future needs," said Chief Executive Robert Noel.
"We remain confident that the development pipeline offers exceptional opportunity to deliver growth while our active asset management and strong financial base underpin our activities."
Adjusted net debt was £4,040.2m at June 30th, up from £3,981.4m three months before. The first interim dividend payment for the current financial year will be 7.4p per share.
Shares were down 1.22% at 771.5p in early trading on Wednesday.
BC
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
8 of the best properties for sale with smallholdings
Eight of the best properties for sale with smallholdings – from a 17th-century farmhouse in the Deben Valley, Suffolk, to a property set in 36 acres on the slopes of the Preseli Hills, Pembrokeshire
By Natasha Langan Published
-
US election – is the Trump Trade back?
The US election is around the corner. How does Trump influence US markets?
By Alex Rankine Published