Land Securities plans new Scottish mall

City A.M. Reporter
Land Securities, UK's largest listed landlord and developer, said its new projects have seen strong new lettings and plans to start work on a retail development in Scotland due to growing demand.

"The first quarter of 2011 is likely to see mixed news flow around the consumer and the economy, but we expect occupational demand from large corporates to remain steady," Land Securities Chief Executive Francis Salway said in a trading update.

"It is our expectation that we will soon be in a position to start a further retail development at the Atlas Site in Glasgow, such is the interest in the new space that will be created," he said.

Land Securities, which in November posted a 6.7 per cent rise in first-half net asset value, is betting on private sector growth to fill space in its new projects, weaning itself from reliance on the public sector as job cuts bite.