Analyst Views: Has Land Securities’ update changed your outlook for the group?

 
Kasmira Jefford
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ALISON WATSON | LIBERUM

This is a solid statement. Management reports further pre-letting progress within its development pipeline, a rise in central London occupational demand and positive trends in its retail portfolio. Whilst this supports our expectation of a gradual recovery in the retail market, we forecast a return to only benign growth.

KEITH CRAWFORD | PEEL HUNT

In the first statement since the November interims there is limited new news. But there is potential for sizeable upside on major pre-lettings and rental growth across London offices. We remain hopeful but retain our ‘hold’ stance and a preference for British Land unless surprise major pre-lets are announced.

JONATHAN JACKSON | KILLIK & CO

Land Securities confirmed that demand remains strong while rental trends have also been positive, particularly in London offices, where tenant interest in new space is rising and management have been undertaking speculative developments to meet demand over the next two years. We remain positive on shares.

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