Business
Land Securities Q3 Interim Ma
Land Securities Q3 Interim Ma.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 9064L Land Securities Group Plc 20 January 2009 \n \n20 January 2009\nLand Securities Group PLC ('Land Securities' / 'the company')\n\nLAND SECURITIES - THIRD QUARTER INTERIM MANAGEMENT STATEMENT\n\n\nLand Securities continues to focus on its near term priorities of balance sheet management and leasing in a market which experienced an accelerated deterioration in the last quarter. During the period between 30 September 2008 and the date of this announcement the company completed the sale of Trillium along with £213.8m of other assets. The cash generated from these disposals was largely used to pay down debt. The company made further progress on lettings in the period but this remains challenging in the current economic environment. Looking ahead, the company expects that the rate of deterioration in the market will ease, but the direction will continue to be negative. In light of this the company believes it is following the right strategy to maintain a resilient position through current conditions with a view to being ready to react quickly when the cycle turns.\n\nPeriod at a glance:\n\n\nSale of Trillium completed on 12 January 2009.\n\n\nOther disposals since 30 September were £213.8m including investment property disposals of £201.8m in the quarter, 7.8% below September 2008 valuation. \n\n\n£1.8m p.a. of development lettings completed in the quarter.\n\n\nPortfolio voids: 4.6% on like-for-like portfolio, excluding properties held for re-development (4.3% at 30 September 2008).\n\n\n\nCommenting on the third quarter, Francis Salway, Group Chief Executive of Land Securities said:\n\n'Commercial property has gone through an unprecedented period of re-adjustment. The speed of valuation decline allied to rising insolvency rates mean the sector is facing one of the most challenging periods in generations. However, the ongoing stability of the vast majority of our income streams acts as a major support.\n\n'Our objective continues to be to navigate a prudent line through the current volatilities by concentrating on the management of our balance sheet and the leasing up of our developments. Neither will be easy in the curr...