22nd Jan 2014 07:46
LONDON (Alliance News) - Property company Land Securities Group PLC Wednesday reported improved occupancy rates in its retail properties, as it said it had secured GBP7.3 million of development lettings and GBP5.4 million of investment lettings since October 1, 2013.
In a trading update, Land Securities said it has a further GBP7.9 million of development lettings with solicitors, meaning they're close to being signed, and a further GBP0.5 million of investment lettings.
It said voids - empty space - in its like-for-like portfolio were down to 1.8% at the end of December, compared with 2.0% at the end of September. Voids in its retail properties fell to 2.5%, from 3.0%, while voids in its London portfolio rose to 1.1%, from 0.9%.
Still, the company, which focuses on retail and London property, said occupier demand had risen further in the central London market. It said there was continued demand for good retail locations, particularly for food and beverage stores.
It said it had made net proceeds of GBP428 million on investment property disposals since October 1. Capital spending on developments has been GBP53 million.
It added that its third interim dividend for the current financial year will be 7.6 pence a share, paid April 11.
By Steve McGrath; [email protected]; @SteveMcGrath1
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