Back in the black: London landlord Landsec posts record office leasing in capital LANDSEC PROFIT Property giant Landsec has delivered record office leasing in London as the company returned to profit after five years. Pre-tax profit rose to £875m in the year to the end of March, a turnaround from a £1.39bn loss the previous year. Landsec, which is the landlord for big names in the capital including Deutsche Bank, [...]
Back in black: Bluewater owner Landsec swings to £275m half-year profit Bluewater shopping centre owner Land Securities has revealed it swung to a half-year profit as the retail sector bounces back and workers return to offices thanks to the lifting of pandemic restrictions. The group, also known as Landsec, posted a pre-tax profit of £275m for the six months to September 30, against losses of £835m [...]
LandSec buys up stake in home of BBC Breakfast for £425m LandSec buys up stake in home of BBC Breakfast for £425m UK commercial landlord Land Securities said this morning it had bought a 75 per cent stake in MediaCity, a media and tech hub at Salford in Greater Manchester, for £425.6m. MediaCity was a 50:50 joint venture between Legal & General and Peel L&P, and the latter will now retain a 25 per cent stake and [...]
Land Sec eyes £500m hotels disposal July 13, 2021 Land Securities, the largest commercial property developer in the UK, is gearing up to offload £500m of hotel assets from its portfolio. Several of the hotels that the firm could sell are in London, including its Hammersmith Novotel branch, which is valued above £50m. The preparations were first reported by React News. A Land Securities spokesman said: [...]
Land Securities losses widen with work-from-home measures May 18, 2021 Commercial property firm Land Securities has seen its full-year loss widened this morning, as its London-centric office portfolio crumbled under work-from-home measures. The FTSE 100 firm has reported a loss before tax of £1.39bn for the 12 months ending 31 March, compared with a loss of £837m the year before. The pandemic pushed many companies [...]
Landsec sinks to £835m loss but backs London’s office sector November 10, 2020 Commercial real estate owner Landsec sunk to a £835m loss in its half-year results due to the impact of the coronavirus pandemic, but reported strong investor interest in London’s office market. Landsec’s share price jumped 7.37 per cent to 690.9p despite mounting losses after the landlord revealed its optimistic outlook on the central London office [...]
Only 10 per cent of office space in use during lockdown, says Landsec May 12, 2020 Property landlord Landsec said only 10 per cent of its office space is currently being used as most employees are working from home during the coronavirus crisis. The property company, which this morning revealed a £1.2bn hit to the value of its portfolio, said the office sector had seen a “less pronounced immediate impact” compared [...]
Coronavirus: Landsec scraps dividend as rent payments fall April 2, 2020 Retail and office space landlord Landsec suffered a drop in rent payments last month due to the outbreak of coronavirus. Landsec, which this morning scrapped its interim dividend, said 65 per cent of the rent due on 25 March had been paid by the end of the month, compared to 96 per cent the previous [...]
Property giant Land Securities appoints new chief executive November 22, 2019 Land Securities announced on Friday that Robert Noel is stepping down as chief executive, just 10 days after the property developer reported a first-half loss. Mark Allan, chief executive of St Modwen Properties and former boss of student accommodation company Unite, has been appointed as Noel’s replacement. Read more: Property giant Land Securities eyes £650m [...]
Landsec swings to first-half loss after retail property values plunge November 12, 2019 Landsec swung to a pre-tax loss in the first half of the year after the value of its retail and leisure assets suffered in an increasingly challenging market for tenants. The figures The company reported a pre-tax loss of £147m, compared to a profit of £42m the previous year, resulting in a loss per share [...]