Land Securities : Half-yearly results for the six months ended 30 September 2020
November 10, 2020 at 03:05 am EST
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Strong balance sheet and new growth strategy ensure Landsec is well placed despite Covid-19 impact
Chief Executive Mark Allan said:
'While today's results clearly show the impact of the pandemic on our business, Landsec remains in a fundamentally strong position. Together, the high quality of our portfolio and low leverage of our balance sheet provide a solid foundation for executing our growth strategy and creating value for all stakeholders. This strength also means we have been able to take a proactive and responsible approach to the challenges of Covid-19, supporting our communities and customers.
'As we begin to look beyond Covid-19, I am confident the business is well placed to capitalise on opportunities as they emerge. The investment market for high-quality London office assets, such as those owned by Landsec, has remained robust throughout the pandemic and there is little sign of that interest waning. Access to this liquidity, coupled with the acquisition and development opportunities that are likely to arise as a result of increased obsolescence of older office stock, as well as the long-term need for urban mixed use regeneration, mean there will be ample opportunity for Landsec to create significant value. We look ahead with a clear strategic direction and are optimistic about the future.'
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Land Securities Group plc published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2020 08:04:01 UTC
Land Securities Group PLC is a United Kingdom-based real estate company, which is engaged in building and investing in buildings, spaces, and partnerships to create sustainable places, and connect communities. The Company operates through four segments: Central London, Major retail, Mixed-use urban and Subscale sectors. The Central London segment includes all assets geographically located within central London. Major retail destinations include all regional shopping centers and shops outside London and its outlets. The Mixed-use urban segment is engaged in capital investment. The Subscale sectors segment consists of leisure and hotel assets and retail parks. The Company has approximately 23.8 million square feet of retail, leisure, workspace, and residential hubs. Its properties include Goodmayes Retail Park, Chadwell Heath; White Rose Centre, Leeds; Hill House, London, Parrswood Leisure Park, Manchester; Novotel Sheffield Centre, Sheffield; Fountain Park, Edinburgh, and others.