Landsec is the UK’s largest listed commercial property company and a member of the FTSE 100. Known as Land Securities until June 2017.

News Wall: (4)

19/07/2017 10:34

Land Securities Group PLC, the UK’s largest listed real estate company, builds on its philosophy ‘Everything is experience’ has evolved its brand to ‘Landsec’.

Landsec Chief Executive, Robert Noel, commented: “At Landsec, experience is at the heart of what we do, it’s not just about bricks and mortar. In a world where people have many choices about where they shop, dine, work, live or spend time, it’s experience that matters.

“This is a natural evolution; in fact, people often refer to us as Landsec already. The focus on experience isn’t a new approach, it’s just a clearer way of explaining what matters to us. Our updated brand reflects our culture, our people and our approach, putting the experience of our customers, communities, employees and partners at the heart of everything we do.”

02/04/2012 16:00

Land Securities confirms that Robert Noel, formerly Managing Director, London Portfolio, has now assumed the role of Group Chief Executive. He takes over from Francis Salway who was Chief Executive for seven years and who left the business on 31 March 2012.

Commenting on his new role Robert Noel said:

“I have enjoyed my two years running the London Portfolio and I am now looking forward to leading the Group. Land Securities has a clear strategy and is a very well positioned business.

“I would particularly like to thank Francis for his support and, on behalf of everyone at Land Securities, wish him well for the future.”

Source: Land Securities

13/11/2011 16:02

Land Securities announces that Stacey Rauch (53) will join the Board as a non-executive director on 1 January 2012.

Ms Rauch is a Director Emeritus of McKinsey & Company where she worked in the United States of America for 24 years. There she was a founding partner of the New Jersey office and the first woman to be appointed as an industry practice leader. She was a leader in the firm’s Retail and Consumer Goods Practices, served as the head of the North American Retail and Apparel Practice and acted as the Global Retail Practice Convener. She retired from McKinsey & Company in September 2010.

Her career with McKinsey saw her consult to a wide range of retailers, apparel wholesalers and consumer goods manufacturers. She is currently a non-executive director of Ann Inc, (a listed American women’s speciality apparel retailer) and the Tops Holding Corporation, (the parent company of Tops Markets LLC, a US grocery retailer).

Commenting on the appointment, Land Securities’ Chairman, Alison Carnwath said:
“Stacey has a broad business experience and a deep knowledge of retail from an international perspective which will complement the existing skills and outlook of the board. I look forward to her joining in the New Year.”

Source: Land Securities

18/05/2011 14:04

Financial results for the year ended 31 March 2011.

“The clear plan we put in place to manage the business as the sector emerged from the downturn is delivering results in the form of higher earnings and significant valuation surpluses on development projects.”

“The clear plan we put in place to manage the business as the sector emerged from the downturn is delivering results in the form of higher earnings and significant valuation surpluses on development projects.”

Strong performance
- Total business return (dividends and adjusted NAV growth) of 23.6%
- Ungeared total property return 16.8%, outperforming IPD Quarterly Universe at 11.3%
- Completed disposals of £687m at an average of 12.7% above March 2010 valuations
- Rental values up 4.7% across total like-for-like portfolio since March 2010
- Voids in like-for-like portfolio reduced to 4.3% (5.3% at 31 March 2010)
- Group LTV ratio including share of joint ventures at 39.0% (43.5% at 31 March 2010)
- Recommended increase in final dividend to 7.2p (from 7.0p)

Developments driving returns with scope for continuing positive contribution
- Valuation surplus on properties in the development programme of 19.4%
- £26m of development lettings in the year and £2m in solicitors’ hands
- Park House, W1, development site sold for total consideration of £296m
- One New Change, EC4 opened with retail element fully let and offices now 73% let
- 54 out of 59 residential apartments at Wellington House, SW1 pre-sold
- Trinity Leeds development started and already 58% pre-let or in solicitors’ hands
- 185 - 221 Buchanan Street, Glasgow started on site and 69% pre-let
- On site at 123,580 sq m of development schemes in London:

- 123 Victoria Street, SW1

- 110 Cannon Street, EC4

- 62 Buckingham Gate, SW1

- 20 Fenchurch Street, EC3

- Wellington House, SW1 (trading property)

- 34,850 sq m of further London development planned to start in 2011/12 at:

- 30 Old Bailey and 60 Ludgate Hill, EC4

- 331,650 sq m of opportunity in future developments with planning consents obtained or planning applications submitted:

- 209,850 sq m in London

- 121,800 sq m in Retail

Asset management initiatives creating growth
- £31m of investment lettings in the year, £10m of conditional lettings and £11m in solicitors’ hands
- 40,100 sq m of space pre-let to Primark in five transactions at Livingston, Thanet, Leeds, Sunderland and, conditionally, at Oxford Street, W1
- John Lewis committed to ‘at home’ shops in Chester and Exeter
- Two new stores completed and opened for Sainsbury’s
- Significant new leases completed on offices in London with News International, Bain & Co and, conditional on planning, Telecity

Earnings growth focus
- Voids in like-for-like portfolio reduced to 4.3% (5.3% at 31 March 2010), of which 0.9% is subject to temporary lettings
- Retail like-for-like voids down to 4.9% (6.1% at 31 March 2010)
- London office like-for-like voids down to 3.7% (4.9% at 31 March 2010)
- Units in administration reduced to 0.4% (1.8% at 31 March 2010)
- Positive yield differential between purchases and sales with an average yield on purchases of 5.2% and on sales of 3.0%

Commenting on the results, Land Securities Chief Executive Francis Salway said:
“This was a year of continued recovery in our market and strong progress by Land Securities. Our focus on development, our disciplined approach to acquisitions and disposals and our asset management activities have all delivered significant momentum across the business.
“In London, we are developing schemes to meet the anticipated under-supply of new office floor space, which may be even more acute than originally forecast. In Retail, our focus covers both a small number of development projects grounded on pre-lettings and the recycling of assets to ensure the portfolio is well matched to the emerging patterns of demand from retailers. We also benefit from a favourable portfolio mix with 43% of assets in central London offices and 61% in Greater London as a whole.

“We remain of the view that our markets are in recovery mode and we see particularly strong growth prospects in London over the next few years. We may continue to see ripples in prices, but we go into the new financial year confident in our plans and well positioned to address growth opportunities. By restarting development first, we signalled our intention to be proactive in driving returns as the market turned. Our strong balance sheet, access to capital, excellent occupier relationships and property skills equip us to create value in this market. Our focus is on turning these strengths into strong and tangible returns for shareholders.”