21st Jan 2015 07:21
LONDON (Alliance News) - Land Securities Group PLC Wednesday said its business and markets look in good shape, with rental values rising in London due to a shortage of new office space, and it expects interest in its schemes to remain strong despite the political uncertainty in the UK and abroad.
The commercial property company focused on London and retail developments said it made GBP10.9 million of investment lettings in its fiscal third quarter to December 31, and there are a further GBP8.0 million of lettings currently in solicitors hands.
Voids, or empty space, in the portfolio rose slightly by the end of the quarter to 2.7%, from 2.5% at the end of September, due to an increase in its retail portfolio to 2.7% from 2.3%.
Land Securities said it made sales of GBP701.6 million during the quarter, meaning it has sold GBP886.4 million worth of property in the nine months to December 31. Sales for the nine month period were 15% ahead of the march valuation, it said. It also bought GBP234.6 million during the fiscal third quarter, bringing the nine-month figure to GBP933.9 million.
Its adjusted net debt stood at GBP4.18 billion at the end of December, down from GBP4.62 billion at the end of September. Its loan to value on a proportionate basis and based on Sepetmber 30 asset values was 31.4%, down from 33.6% at the end of September.
It declared a third interim dividend of 7.9 pence, which will be paid on April 10.
By Steve McGrath; [email protected]; @stevemcgrath1
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