Welcome!

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:

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

Investors
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
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...