BART GYSENS | MORGAN STANLEY
The group made good progress on developments with a variety of initiatives...The group’s loan-to-value ratio has fallen further from 39 per cent as at March to 37.5 per cent as at June 2011. Admittedly, Land Secs is taking increasingly more development risk rather than financial risk.
DANIEL HORWOOD | LIBERUM CAPITAL
A progressive interim management statement, it presents incremental progress on known capex / asset management schemes. But modest upgrade potential and a fairly full share rating increase sensitivity to macro uncertainties and eventual interest rate rises.
CARL GOUGH | MATRIX GROUP
Land Securities continues to demonstrate that its asset management portfolio is probably the strongest of the large five property majors born out by the outperformance of its share price amongst those peers. Yet this IMS does not really contain anything majorly new.