21st Jan 2016 07:44
LONDON (Alliance News) - Land Securities Group PLC on Thursday said it had a solid third quarter across its portfolio, with good footfall in its shopping centres and progress on its developments.
The FTSE 100-listed property developer said retailer sales were up 1.2% in the quarter to the end of December on a same-centre basis, as footfall in its shopping centres rose 1.7% year-on-year, bucking the national trend, which saw a 2.3% fall on average, Land Securities. Footfall measures the number of shoppers in stores.
The group sold GBP450.5 million worth of property in the quarter at 1.8% ahead of the valuation of those assets at the end of September. It bought GBP6.8 million worth of property in the same quarter.
Land Securities said its developments are continuing to progress well, with its 20 Eastbourne Terrace, 1 New Street Square and Nova developments in London all set to complete this year.
"We have had a good third quarter with robust operational performance including record footfall in our shopping centres and continued letting momentum in our development programme," said Robert Noel, Land Securities' chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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