Land Securities Group PLC Landsec Capital Markets Event & operational update (7409N)
27 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMLAND
RNS Number : 7409N
Land Securities Group PLC
27 September 2023
27 September 2023
Land Securities Group PLC
("Landsec")
Landsec Capital Markets Event and operational update
Landsec's Central London business continues to see strong
customer demand
Landsec will host a Capital Markets Event for analysts and
investors this afternoon at its London office developments, Lucent
at Piccadilly Circus and n2 in Victoria, which completed earlier
this summer. This will include an update focused on the operational
performance of its Central London business.
Since the end of March, customer demand for Landsec's
best-in-class office space in London has remained strong. As a
result, over the first five months of the financial year, occupancy
in the company's Central London portfolio increased by 100bps to
96.9%, with GBP17m of lettings signed or in solicitors' hands, on
average 3% ahead of ERV.
In Victoria, which makes up nearly half of Landsec's Central
London business, the company's existing office portfolio is now
100% let. In addition, its recently completed development at n2 is
now 80% let with the remaining 20% in solicitors' hands (up from
66% let and 6% in solicitors' hands in May) whilst Lucent is 62%
let with a further 14% or in solicitors' hands (up from 19% and 53%
in May). Reflecting the strong demand, rents across both schemes
are more than 10% ahead of initial assumptions.
With rents continuing to grow and its entire office estate in
Victoria 100% full, Landsec has now committed to the start of
Thirty High (formerly Portland House), which is expected to
complete in the summer of 2025. The total development cost for this
major refurbishment is estimated to be c. GBP400m, with a gross
yield on cost of c. 7.5% and a gross yield on the c. GBP240m capex
investment of over 12%.
Mark Allan, Chief Executive, commented:
"Over the past year, we have been decisive in positioning the
business for a higher for longer interest rate environment. Our
disposal of GBP2.2bn of mature, mostly single-let offices,
predominantly in the City, before the start of this financial year
has proven very timely. As such, we have flexibility to respond to
the opportunities that will start to arise from the adjustment to a
higher rate reality, as it remains clear that customer demand for
the most sustainable, high-quality space in the best locations
remains resilient."
Ends
About Landsec
At Landsec, we build and invest in buildings, spaces and
partnerships to create sustainable places, connect communities and
realise potential. We are one of the largest real estate companies
in Europe, with a GBP10.2 billion portfolio of retail, leisure,
workspace and residential hubs. Landsec is shaping a better future
by leading our industry on environmental and social sustainability
while delivering value for our shareholders, great experiences for
our guests and positive change for our communities.
Find out more at landsec.com
Please contact:
Press Investors
Sara Doggett Ed Thacker
+44 (0)7834 431258 +44 (0)7887 825 869
sara.doggett@landsec.com edward.thacker@landsec.com
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END
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