Business
Interim Management Statement
Interim Management Statement.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 5134M Land Securities Group PLC 21 January 2016 \n\nLand Securities Group PLC (\"Land Securities\")\nThird Quarter Interim Management Statement \nRobert Noel, Chief Executive, said: \"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. In London, rental value growth continued and the 186,000 sq ft of development lettings we completed in the quarter were ahead of our valuers' most recent estimates. In Oxford, we are transforming the city's major shopping centre and have made good leasing progress two years ahead of opening. We are delivering on our clear strategy for the business and, despite economic and political uncertainty, are confident in the strength of demand for our schemes.\"\n \nKey Highlights:\nPortfolio changes \n· Disposals of £450.5m during the quarter bringing the total to £852.6m for the nine months to 31 December 2015 (excluding trading properties)\n· Disposals in the quarter were 1.8% ahead of 30 September 2015 valuation(1)\n· Trading property disposals of £124.3m in the quarter with a profit on disposal of £21.4m(2)\n· Acquisitions of £6.8m during the quarter and £99.8m for the nine months to 31 December 2015\n· Development and refurbishment expenditure of £67.9m for the quarter and £292.2m for the nine months to 31 December 2015.\n \n(1) Excludes Haymarket House, SW1, an asset held for sale at 30 September 2015 at the agreed sale price\n(2) This relates to the completion of 78 of the 85 apartments pre-sold at Kings Gate, SW1\n \nDevelopments\n· £13.7m of development lettings in the quarter, with a further £4.2m in solicitors' hands\n· 1 & 2 New Ludgate, EC4, now 95% let or in solicitors' hands\n· The Zig Zag Building, SW1, completed in November 2015 and now 88% let \n· 20 Eastbourne Terrace, W2, on track for completion in April 2016, now 62% pre-let or in solicitors' hands \n· 1 New Street Square, EC4, on track for completion in July ...