Land Securities Group Plc · LSE:LAND
Land Securities — Landsec — Merger or Acquisition (October 2026)
19 slides from Land Securities's merger presentation, Oct 1, 2026
Slide 1: Placing & Major Retail Acquisitions
PLACING & MAJOR RETAIL ACQUISITIONS 1 October 2026
Slide 2: Acquisition of Metrocentre plus additional interests in existing portfolio
Placing & major retail acquisitions Acquisition of Metrocentre plus additional interests in existing portfolio Delivering on our strategic objectives INVEST FURTHER £1BN IN MAJOR RETAIL MAINTAIN OUR STRONG CAPITAL BASE DRIVE INCOME AND EPS GROWTH Metrocentre NRI growth outlook in line with existing
Slide 3: Clear strategic focus on the best retail destinations
Placing & major retail acquisitions Clear strategic focus on the best retail destinations Brands continue to invest in fewer, bigger, better stores FOCUS ON TOP 1% DESTINATIONS SALES CONTINUE TO OUTPERFORM FOOTFALL GAINING MORE MARKET SHARE UK shopping destinations ranked by spend1 Cumulative sales
Slide 4: Demand for best space drives continued income growth
Placing & major retail acquisitions Demand for best space drives continued income growth Occupancy and rental value growth at highest level in two decades1 RENTAL UPLIFTS AT NEW HIGHS2 LFL INCOME GROWTH RISING3 FURTHER ROOM FOR GROWTH Landsec Major Retail portfolio Landsec Major Retail portfolio Lan
Slide 5: Strong track-record in Major Retail acquisitions
Placing & major retail acquisitions Strong track-record in Major Retail acquisitions Delivered 14% income growth and 14% IRR on £0.9bn acquisitions so far BLUEWATER ST DAVID’S LIVERPOOL ONE • Acquired £126m (Dec-21) + £120m (Jun-24) • Acquired £103m (Mar-23) • Acquired £490m (Dec-24) + £20m (Apr-25)
Slide 6: Acquisition of Metrocentre, c. 2 miles from Newcastle city centre
Placing & major retail acquisitions Acquisition of Metrocentre, c. 2 miles from Newcastle city centre Expanding at accretive 7.9% in-place net rental income yield KEY ASSET CHARACTERISTICS A LEADING SALES POSITION ATTRACTIVE ACQUISITION PRICE TRAIN STATION BUS INTERCHANGE ZARA LEFTIES A1 • 1.86m sq
Slide 7: Selective focus on acquiring another best-in-class destination
Placing & major retail acquisitions Selective focus on acquiring another best-in-class destination Rare opportunity to acquire 100% control of a top-10 UK shopping centre1 BRAND PRESENCE ON A PAR WITH THE BEST RETAIL DESTINATIONS IN THE UK Percentage of Top 20 key brands which drive visitor attracti
Slide 8: Clear opportunities to deploy our proven capability to drive growth
Placing & major retail acquisitions Clear opportunities to deploy our proven capability to drive growth Target similar 4.5-7% income growth pa as existing Major Retail portfolio PLATFORM EFFICIENCIES ACCRETIVE INVESTMENT STORE AMALGAMATION ENHANCE BRAND LINE-UP Example: Improved Liverpool ONE NRI Ex
Slide 9: Additional near-term acquisitions
Placing & major retail acquisitions Additional near-term acquisitions Consolidating ownership of our best-in-class retail portfolio TERMS AGREED TO FURTHER INCREASE OUR OWNERSHIP OF THE UK’S TOP 1% RETAIL DESTINATIONS • £3.0bn existing portfolio with annual net rental income of £211m1 • Occupancy an
Slide 10: Metrocentre acquisition further expands our market-leading UK platform
Placing & major retail acquisitions Metrocentre acquisition further expands our market-leading UK platform Providing brands with unrivalled access to consumers and sales LEADING NATIONWIDE PLATFORM HIGHEST FOOTFALL1 LARGEST CONSUMER REACH1,2 Annual footfall % of UK population in catchment Buchanan G
Slide 11: Update on current trading
Placing & major retail acquisitions Update on current trading Trends underpinning strong leasing demand remain intact CONTINUING TO DELIVER POSITIVE LFL NET RENTAL INCOME GROWTH Near-term EPS guidance set out in May • Lettings YTD comfortably above ERV • Relettings and renewals YTD well above previo
Slide 12: Impact of transactions
Placing & major retail acquisitions Impact of transactions Delivering EPS accretion whilst reducing ND/EBITDA FINANCIAL IMPACT OF ACQUISITIONS AND PLACING • Major retail now 46% of Group income (FY26: 41%)1 • Transactions accretive to EPS in first full year of operation • Neutral to EPS in remainder
Slide 13: Summary
Placing & major retail acquisitions Summary Delivering on our focus to drive sustainable income and EPS growth PLACING & ACQUISITION OF METROCENTRE AND CONSOLIDATION OF INTEREST IN EXISTING PORTFOLIO SCARCE OPPORTUNITY Acquiring 100% control of another Top-10 UK shopping centre COMPELLING VALUE Attr
Slide 14: Appendices
APPENDICES
Slide 15: Metrocentre transaction structure
Placing & major retail acquisitions Metrocentre transaction structure Acquisition expected to complete by end of October STRUCTURE • Exchanged conditional contracts to acquire Metrocentre from Tynehawk Holdings (Jersey) Limited for net consideration of £516m • Completion of acquisition is conditiona
Slide 16: Consistent with clear framework for capital allocation decisions
Placing & major retail acquisitions Consistent with clear framework for capital allocation decisions Focus on driving income/EPS growth in near term and longer term High PRIORITIES IN THE NEXT 12-18 MONTHS UNCHANGED RETAIL SHARE investment buyback • Capital recycling out of lower return assets Impac
Slide 17: Overall platform well-placed for growth
Placing & major retail acquisitions Overall platform well-placed for growth Actively positioned for higher inflation, higher rate environment DEBT MATURITY 2X SECTOR AVERAGE OVERHEAD COSTS AT 20-YEAR LOW DEVELOPMENT EXPOSURE DOWN Weighted average debt maturity (yrs)1 Overhead costs (£m) Committed TD
Slide 18: The Landsec opportunity
Placing & major retail acquisitions The Landsec opportunity Strategically positioned for higher inflation, higher rate environment OUR DIFFERENTIATION BEST INCOME OUTLOOK IN YEARS DRIVING SHAREHOLDER VALUE Two best-in-class portfolios & Occupancy at two-decade high Lower risk profile; market-leading
Slide 19: Important notice
Placing & major retail acquisitions Important notice DISCLAIMER THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED AT THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND ARE FOR INFORMATION PURPOSES ONLY AND MUST NOT BE RELIED UPON FOR ANY PURPOSE. YOU MUST NOT VIDEOTAPE, RECORD, COPY, DOWNLOA