(Alliance News) - Land Securities Group PLC on Wednesday said it plans to invest a total of GBP2.8 billion in its pipeline of mixed-use urban neighbourhoods and London office projects.
The London-based property developer is hosting a capital markets day in Manchester on Wednesday and said it will cover the progress on its mixed-use urban neighbourhoods project pipeline.
As part of this strategic priority, Landsec previously announced an investment of GBP425.6 million in MediaCity in Salford, just outside Manchester, for a 75% stake and the acquisition of London-based property regeneration firm U&I Group PLC.
Landsec plans to invest GBP1.5 billion of capital expenditure in its mixed-use urban neighbourhoods pipeline over the next five years, it said Wednesday. This is expected to deliver around 20% profit on total development cost.
LandSec expects to start construction of the first building at Mayfield in Manchester later this year and on MediaCity phase 2 in 2023.
This is in addition to a planned investment of GBP1.3 billion in its London office project pipeline.
Shares in Land Securities Group were up 1.1% at 785.60 pence each on Wednesday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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