Business
First quarter Interim Management Statement
First quarter Interim Management Statement.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 5487M Land Securities Group PLC 17 July 2014 \n \n\nLand Securities Group PLC (\"Land Securities\" / \"the Group\" / \"the Company\")\nFirst Quarter Interim Management Statement\n\"Land Securities has had a strong start to the year, continuing to execute its strategy at pace across the business.\n \n\"In Retail, the strategic shift of our portfolio towards dominance, experience and convenience continues with the disposal of The Bridges, Sunderland and the acquisition of Bluewater, Kent. We will continue to sell assets which don't meet our criteria as we focus on the best retail assets, including the development of new retail centres in key locations such as Oxford and Glasgow.\n \n\"In London, where we are delivering 1.6 million sq ft(1) of office and retail space into a supply constrained market, our leasing momentum continues with 385,000 sq ft of deals agreed. In the City, following our leasing success at 20 Fenchurch Street, EC3, our scheme at 1 & 2 New Ludgate, EC4 is now 61% pre-let nine months ahead of completion. In Victoria, our developments are transforming the area into a vibrant West End destination,\" said Chief Executive Robert Noel.\n \nKey Highlights:\n \nPortfolio reshaping accelerates\n· Disposal of The Bridges, Sunderland for £152m\n· Acquisition of 30% stake in Bluewater, Kent, full management rights for the centre and 110 acres of surrounding land for £696m\n \nMomentum on developments\n· £15.4m(2) of development lettings in London signed since 1 April 2014 with a further £6.7m(2) in solicitors' hands, representing a total of 385,000 sq ft\n· 62 Buckingham Gate, SW1 65% let with a further 4% in solicitors' hands\n· 20 Fenchurch Street, EC3 87% let with a further 3% in solicitors' hands\n· 1 & 2 New Ludgate, EC4 61% pre-let\n· The Zig Zag Building, SW1 7% pre-let with a further 28% in solicitors' hands\n· Good progress at potential developments\n· John Lewis, Next, Primark and Curzon Cinemas have committed to space at Westgate, Oxford\n· M&S, Next and Sho...