22nd Jul 2015 06:42
LONDON (Alliance News) - Land Securities Group PLC on Wednesday said its good momentum seen in its 2015 financial year has continued into the current period, with good performances in its London and Retail portfolios.
The FTSE 100-listed property developer said take-up in its London portfolio was healthy in the first quarter to the end of June, with vacancy rates low and rental values increasing. The group said it has seen good interest in its schemes in the capital and remains confident on securing lettings for the remaining vacant space on its books.
Land Securities also said its retail portfolio performed well in the quarter, with footfall rising by 2.5%, same-store sales increasing 3.8% and same-centre sales rising 5.4%. The redevelopment of its Westgate shopping centre in Oxford is progressing on track and is now 35.4% pre-let, it said.
The group completed GBP59.3 million in disposals in the quarter, 11% ahead of the valuation of the properties sold at the end of March, and made GBP25.1 million in acquisitions.
"Following our strong annual results, Land Securities is maintaining good momentum and has started the year well," said Chief Executive Robert Noel.
By Sam Unsted; [email protected]; @SamUAtAlliance
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