Business
First Quarter Interim Managem
First Quarter Interim Managem.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 6524P Land Securities Group Plc 21 July 2010 \n \n\n21 July 2010\n \nLand Securities Group PLC (\"Land Securities\" / \"the Group\" / \"the Company\")\nFIRST QUARTER INTERIM MANAGEMENT STATEMENT\nIn the first quarter Land Securities maintained momentum against its priorities. There was good progress on lettings, success in selling properties into the areas of strongest investor demand, improvements to debt facilities from further treasury initiatives, progress on its London development pipeline and a start announced for the first large retail development in recent times at Trinity Leeds.\n \n§ Development\n- Commitment to start 750,000 sq ft shopping centre development at Trinity Leeds based on good pre-letting levels at 43%, with a further 4% in solicitors' hands and 12% under negotiation. \n- Developments at 62 Buckingham Gate, SW1, and Wellington House, SW1, proceeding to programme.\n- Talks progressing on possible joint venture on 20 Fenchurch Street, EC3.\n \n§ Income\n- Achieved £4.6m of development lettings in the period, with a further £3.8m in solicitors' hands.\n- St David's, Cardiff now 79% let or in solicitors' hands.\n- One New Change retail now 98% let or in solicitors' hands.\n- Voids in the like-for-like portfolio down to 5.7% (5.9% at 31 March 2010). The void level includes units let on a temporary basis at 1.1%.\n- Units in administration down in the like-for-like portfolio at 0.8% (1.0% at 31 March 2010).\n \n§ Asset recycling\n- As announced in June, forward sale of our development, Park House, W1, to Barwa Real Estate (\"Barwa\") for a total consideration of £250m for the site, all of the construction costs and a profit share on completion. \n- Total property sales in the quarter (Land Securities' share) of £302.9m at 2.6% above March 2010 valuation, at an average yield of 1.0%.\n- Acquisitions in the quarter totalling £174.6m at an average yield of 5.6% (including non income ...