Business
Q3 Interim Management Stateme
Q3 Interim Management Stateme.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 7508F Land Securities Group Plc 19 January 2010 \n \n19 January 2010\n\nLand Securities Group PLC (\"Land Securities\" / \"the Group\" / \"the Company\")\nTHIRD QUARTER INTERIM MANAGEMENT STATEMENT\nIn the third quarter Land Securities continued to focus on securing lettings and refining its development programme for a 2010 start on site for its West End development schemes.\n\n\n\nBusiness positioned to exploit medium term opportunities\n\n\n- Decision taken to start three London development projects in 2010 with a total development cost,\n including land and finance, of around £655m.\n Within these cost figures, the incremental capital expenditure to completion is around £345m. \n- £10m purchase out of administration of a retail development site with 200 ft of frontage\n onto Buchanan Street in Glasgow.\n\n\n\nFurther strengthening of the balance sheet\n\n\n- Average debt maturity now 12.0 years (11.1 years at 30 September 2009).\n- Weighted average cost of debt of 5.3% (5.1% at 30 September 2009).\n- Group LTV at 31 December, based on 30 September 2009 asset values, was 49.1% (50.8% at \n 30 September 2009).\n\n\n\nHigh level of lettings secured across the portfolio\n\n\n- Achieved £9.8m of lettings in the period, giving £39.7m in the year to date.\n- A further £22.6m currently in solicitors' hands.\n- One New Change retail now 68% let or in solicitors' hands.\n\n\n\nOperational performance\n\n\n- Investment property sales completed in the quarter £249.3m at 1.2% below September 2009\n valuation, at an average yield of 7.7%.\n- Voids in the like-for-like portfolio at 5.4% (5.0% at 30 September 2009). Within this, temporary\n lettings across the portfolio are occupying 22% of voids. \n- Units in administration down in the like-for-like portfol...