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Share Price Information for Land Securities (LAND)

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Share Price: 622.00
Bid: 622.00
Ask: 622.50
Change: 0.00 (0.00%)
Spread: 0.50 (0.08%)
Open: 621.00
High: 623.50
Low: 617.50
Prev. Close: 622.00
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UK's Landsec adds retail to focus list after property valuation beats estimates

Tue, 16th May 2023 10:22

Year-end EPRA NTA 936p/share vs analysts' estimate of 920p

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FY loss before tax of 622 mln stg vs profit of 875 mln stg

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Shares in FTSE 100 company gain over 2% in morning trade

May 16 (Reuters) - Land Securities would invest more in prime retail spaces in the near term, buoyed by positive outlook for that portfolio, its CEO said on Tuesday, after the British landlord's year-end valuation of its properties trumped market view.

Rising interest rates and deepening macro-economic worries have dampened a tentative recovery in the highly leveraged British commercial property sector from pandemic lows, while the office space portfolio has struggled due to evolving work habits.

Landsec's EPRA (European Public Real Estate Association) net tangible assets - a key measure that gauges the value of its buildings - fell about 12% to 936 pence per share, ahead of company-compiled analysts' estimates of 920 pence.

Shares in the FTSE 100 firm were trading 2.4% higher at 636 pence as of 0854 GMT.

"We want prime retail to be somewhere in the order of 20-25% of the overall portfolio, up from the current 18%," said CEO Mark Allan in a media call.

The group's addition of retail to its key office portfolio in the focus list comes at a time office properties are struggling because of hybrid work patterns, with research data from real estate services firm Savills showing that London topped the office value pricing correction among major European markets.

About two thirds of Landsec's total portfolio of 10.24 billion pounds ($12.92 billion), which fell by 7.7% year-on-year, accounts for Central London properties, of which 58% is office space.

CEO Allan said the company has sold off London office space worth 2.2 billion pounds out of the 2.5 billion pound target set as part of its strategic initiative laid out in late 2020.

Landsec said it expects low to mid-single digit estimated rental value growth in London and major retail destinations this fiscal year.

Its loss before tax came in at 622 million pounds for the year ended March 31, versus a profit of 875 million pounds a year earlier.

More News
16 May 2023 09:49

Higher interest rates see Landsec swing into the red

(Sharecast News) - Land Securities said on Tuesday that it swung to an annual loss after higher interest rates and the weaker economic backdrop hit the value of its properties.

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9 May 2023 15:45

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30 Mar 2023 15:49

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28 Mar 2023 10:03

Landsec snaps up all of Cardiff retail asset, makes progress in London

(Alliance News) - Land Securities Group PLC on Tuesday said it has struck a deal to take sole ownership of a shopping centre in Wales, and the property company added that demand in central London has been "strong".

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28 Mar 2023 09:19

Land Securities builds on 'strong operational and strategic momentum'

(Sharecast News) - Commercial property developer Land Securities said on Tuesday that it has continued to build on "strong operational and strategic momentum" since its interim results.

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13 Mar 2023 14:28

Persimmon appoints outgoing Land Securities COO O'Shea to board

(Alliance News) - Persimmon PLC on Monday said it has appointed the outgoing Land Securities Group PLC Chief Operating Officer, Colette O'Shea, to its board.

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9 Mar 2023 10:54

Land Securities subsidiary launches GBP400 million green bond

(Alliance News) - Land Securities Group PLC on Thursday said its wholly-owned subsidiary, Land Securities Capital Markets PLC, has launched its inaugural GBP400 million green bond.

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17 Feb 2023 09:19

LONDON BROKER RATINGS: Numis cuts British Land and Land Securities

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17 Feb 2023 07:55

LONDON BRIEFING: Stocks seen lower despite UK retail sales surprise

(Alliance News) - Stocks in London were set to open lower on Friday, amid renewed fear about higher global interest rates and despite an unexpected up-tick in UK retail sales.

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