Land Securities Group PLC: Q1 Interim Management Statement
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwired) -- 07/22/15 -- (LSE: LAND) (OTC PINK: LSGOF)
"Following our strong annual results, Land Securities is maintaining good momentum and has started the year well," said Chief Executive Robert Noel.
"In London take-up is healthy, vacancy rates are low, and rental values are rising. We have good interest in our well-timed schemes and of the 1.1m sq ft remaining to let in our speculative development programme at 31 March, 322,000 sq ft has been let or is in solicitors' hands. We remain confident in the prospects for the remaining space.
"In Retail, the transformation of our portfolio is continuing to pay off. By focusing on assets which offer customers an excellent experience, while either being dominant in their catchment or highly convenient, we have seen footfall up 2.5%, same store sales up 3.8% and same centre sales up 5.4% on the same quarter last year. The redevelopment of Westgate, Oxford is progressing to plan with good leasing interest in the scheme which is now 35.4% pre-let or in solicitors' hands two years before opening."
Disposals of £59.3m at 11% ahead of 31 March valuation
Acquisitions of £25.1m
Development and refurbishment expenditure of £98.1m
Disposal of Times Square, EC4, an asset held for sale at its contracted sale price at 31 March, expected to complete this month
£10.5m(1) of development lettings in London signed since 1 April with a further £7.0m(1) in solicitors' hands, representing a total of 322,000 sq ft
62 Buckingham Gate, SW1: 87% let with a further 9% in solicitors' hands
20 Fenchurch Street, EC3: 92% let with a further 6% in solicitors' hands
1 & 2 New Ludgate, EC4: 87% let with a further 5% in solicitors' hands
The Zig Zag Building, SW1: 37% pre-let
Nova, SW1: 10% pre-let with a further 7% in solicitors' hands
Westgate, Oxford: 31.1% pre-let with a further 4.3% in solicitors' hands
Extension plans for Buchanan Galleries, Glasgow, delayed while the Edinburgh Glasgow Improvement Programme (EGIP) is delivered.
£9.0m of investment lettings signed since 1 April, with a further £10.4m of lettings in solicitors' hands
Voids in the like-for-like portfolio 2.9% (31 March 3.3%)
Retail Portfolio like-for-like voids 2.2% (31 March 2.4%)
London Portfolio like-for-like voids 3.8% (31 March 4.3%)
Units in administration 0.4% (Retail Portfolio 0.8%, London Portfolio 0%) down from 0.5% at 31 March
On a same store like-for-like basis, retailer sales were up 3.8% on the same quarter last year
On a same centre basis, retailer sales were up 5.4% over the same period
Footfall in our shopping centres was up 2.5% over the same period
Broadly net debt neutral approach continues
Adjusted net debt as at 30 June of £4,192m (31 March £4,172m)
Group LTV on a proportionate basis at 30 June, based on 31 March asset values, 28.5% (27.1% pro forma for sale of Times Square, EC4) compared with 28.5% at 31 March
Weighted average cost of debt 4.3%, average duration of 8.1 years
First interim dividend for the current financial year of 8.15 pence per share(2)
(1) Land Securities' proportionate share
(2) The first interim dividend will be paid on 9 October 2015 to shareholders on the register on
11 September 2015. The dividend will be paid entirely as a Property Income Distribution.
Conference call details:
Dial-in number: +44 (0) 1452 541003
Call title: Land Securities Q1 IMS
Call ID number: 73950646
Encore replay details:
UK dial-in number: 08717000145
International dial in number: +44 (0)1452550000
Access number: 73950646
Contacts:
RNS
Customer Services
0044-207797-4400
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Unternehmensinformation / Kurzprofil:
Datum: 22.07.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 408283
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contact information:
Town:
LONDON, UNITED KINGDOM
Kategorie:
Commercial Real Estate
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