LONDON, UNITED KINGDOM--(Marketwired - Jul 17, 2014) - "Land Securities (
"In Retail, the strategic shift of our portfolio towards dominance, experience and convenience continues with the disposal of The Bridges, Sunderland and the acquisition of Bluewater, Kent. We will continue to sell assets which don't meet our criteria as we focus on the best retail assets, including the development of new retail centres in key locations such as Oxford and Glasgow.
"In London, where we are delivering 1.6 million sq ft(1) of office and retail space into a supply constrained market, our leasing momentum continues with 385,000 sq ft of deals agreed. In the City, following our leasing success at 20 Fenchurch Street, EC3, our scheme at 1 & 2 New Ludgate, EC4 is now 61% pre-let nine months ahead of completion. In Victoria, our developments are transforming the area into a vibrant West End destination," said Chief Executive Robert Noel.
Key Highlights:
Portfolio reshaping accelerates
Momentum on developments
Good occupancy
Strong balance sheet and growing dividend
(1) 1.3 million sq ft if joint ventures are treated as 50%. Completed developments, including 20 Fenchurch Street, EC3, are excluded from this number
(2) Land Securities' proportionate share
(3) The first interim dividend will be paid on 10 October 2014 to shareholders on the register on 12 September 2014. The dividend will be paid entirely as a Property Income Distribution
A conference call for analysts is being held today at 08:30 BST
Conference call details:
Dial-in number: +44 (0) 1452 555566
Call title: Land Securities Q1 IMS conference call
Conference ID: 64735553
A replay facility will be available to listen to four hours after the completion of the call for a period of 7 days.
Encore Replay details:
UK dial-in number: 08717000145
International dial in number: +44 (0)1452550000
Access number: 64735553#
Forward-looking statements
This document may contain certain 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.
Any forward-looking statements made by or on behalf of Land Securities speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Land Securities does not undertake to update forward-looking statements to reflect any changes in Land Securities' expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Information contained in this document relating to the Company or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.
Contact Information:
For further information, please contact:
Press
Duncan Bonfield / Molly Neal
Land Securities
T +44 (0)20 7024 5463/5460
Investors
Ed Thacker
Land Securities
T +44 (0)20 7024 5185