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Land Securities “pleased with progress” in Q1

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Property firm Land Securities has reported that it has signed £9.3 million of development lettings since April 1st 2012 in a first quarter update released today.

Although footfall across its retail centres fell 2.8 per cent in the period, this remains lower than the three per cent national decrease.

Over the quarter, total investment reached £148.2 million which includes £59.5 million on capital expenditure and developments and the group believes that it is in a strong financial position despite wider economic difficulty.

“Our focus continues to be to secure income from our developments,” said and Securities CEO Robert Noel.

“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.”

There were no disposals in the period though acquisitions reached £67.6 million, and shopping centres across the group’s retail portfolio are building a solid momentum on lettings.

Within its retail portfolio, the group has seen £3.5 million of development lettings over the period with a further £2.3 million being dealt with by solicitors.

Noel feels that such solid results will allow the company to take advantage of future opportunities.

He commented: “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.”

Published on Wednesday 18 July by Editorial Assistant

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