Click here to close now.


News Feed Item

Land Securities Group PLC ("Land Securities" / "the Group" / "the Company") First Quarter Interim Management Statement

LONDON, UNITED KINGDOM -- (Marketwired) -- 07/17/14 -- "Land Securities (LSE: LAND) (PINKSHEETS: LSGOF) has had a strong start to the year, continuing to execute its strategy at pace across the business.

"In Retail, the strategic shift of our portfolio towards dominance, experience and convenience continues with the disposal of The Bridges, Sunderland and the acquisition of Bluewater, Kent. We will continue to sell assets which don't meet our criteria as we focus on the best retail assets, including the development of new retail centres in key locations such as Oxford and Glasgow.

"In London, where we are delivering 1.6 million sq ft(1) of office and retail space into a supply constrained market, our leasing momentum continues with 385,000 sq ft of deals agreed. In the City, following our leasing success at 20 Fenchurch Street, EC3, our scheme at 1 & 2 New Ludgate, EC4 is now 61% pre-let nine months ahead of completion. In Victoria, our developments are transforming the area into a vibrant West End destination," said Chief Executive Robert Noel.

Key Highlights:

Portfolio reshaping accelerates

  • Disposal of The Bridges, Sunderland for £ 152m
  • Acquisition of 30% stake in Bluewater, Kent, full management rights for the centre and 110 acres of surrounding land for £ 696m

Momentum on developments

  • £ 15.4m(2) of development lettings in London signed since 1 April 2014 with a further £ 6.7m(2) in solicitors' hands, representing a total of 385,000 sq ft
  • 62 Buckingham Gate, SW1 65% let with a further 4% in solicitors' hands
  • 20 Fenchurch Street, EC3 87% let with a further 3% in solicitors' hands
  • 1 & 2 New Ludgate, EC4 61% pre-let
  • The Zig Zag Building, SW1 7% pre-let with a further 28% in solicitors' hands
  • Good progress at potential developments
  • John Lewis, Next, Primark and Curzon Cinemas have committed to space at Westgate, Oxford
  • M&S, Next and Showcase Cinema de Lux have committed to space at Buchanan Galleries in Glasgow, joining John Lewis
  • Picturehouse Cinemas has committed to space at Ealing Filmworks

Good occupancy

  • £ 4.2m of investment lettings signed since 1 April 2014, with a further £ 10.4m of lettings in solicitors' hands
  • Voids in the like-for-like portfolio 2.4% (31 March 2.2%) Retail Portfolio like-for-like voids 2.9% (31 March 2.6%)
  • London Portfolio like-for-like voids 1.7% (31 March 1.7%)
  • Units in administration 0.5% (Retail Portfolio 0.9%, London Portfolio 0%) up from 0.4% at 31 March
  • On a same store like-for-like basis, retailer sales were up 4.1% this quarter on the same quarter last year. On a total sales growth basis, retailer sales were up 4.0% over the same period

Strong balance sheet and growing dividend

  • Broadly net debt neutral approach continues
  • Adjusted net debt as at 30 June 2014 of £ 4,657.7m
  • Group LTV on a proportionate basis at 30 June 2014, based on 31 March 2014 asset values, 36.2% (35.3% proforma for sale of Sunderland) compared with 32.5% at 31 March 2014
  • Weighted average cost of debt 4.5%, average duration of 8.1 years
  • First interim dividend for the current financial year of 7.9 pence per share(3)

(1) 1.3 million sq ft if joint ventures are treated as 50%. Completed developments, including 20 Fenchurch Street, EC3, are excluded from this number
(2) Land Securities' proportionate share
(3) The first interim dividend will be paid on 10 October 2014 to shareholders on the register on 12 September 2014. The dividend will be paid entirely as a Property Income Distribution

A conference call for analysts is being held today at 08:30 BST
Conference call details:
Dial-in number: +44 (0) 1452 555566
Call title: Land Securities Q1 IMS conference call
Conference ID: 64735553

A replay facility will be available to listen to four hours after the completion of the call for a period of 7 days.

Encore Replay details:
UK dial-in number: 08717000145
International dial in number: +44 (0)1452550000
Access number: 64735553#

Forward-looking statements

This document may contain certain 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by or on behalf of Land Securities speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Land Securities does not undertake to update forward-looking statements to reflect any changes in Land Securities' expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Information contained in this document relating to the Company or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

For further information, please contact:

Duncan Bonfield / Molly Neal
Land Securities
T +44 (0)20 7024 5463/5460

Ed Thacker
Land Securities
T +44 (0)20 7024 5185

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...