The Francis Salway era at property firm Land Securities is set to come to a close at the end of March as the Chief Executive Officer hands over to Robert Noel, currently Managing Director of the London Portfolio.
The news was revealed in a statement accompanying the group's third quarter interim management statement covering the final three months of 2011.
Total property sales in the quarter were £104.0m (net receipts) at 1.9% below March 2011 valuation and at an average yield of 7.6%.
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
Total investment in the quarter totalled £89.1m, including capital expenditure on developments of £51.1m and acquisitions of £11.1m. The acquisitions were at an average yield of 1.4%.
This item has been updated
-
Which British stocks offer the best quality and growth?A professional investor highlights British stocks that hit the sweet spot. This week, Alexandra Jackson, manager of Rathbone UK Opportunities Fund, picks three favourites
-
US stocks plummet – is it time to buy bonds?US stocks have taken a dive – should you keep your focus on US markets or turn your head to bonds?
