Land Securities Group Plc · LSE:LAND
Land Securities — Landsec — Investor Day (September 2025)
35 slides from Land Securities's investor day presentation, September 2025
Slide 1: Welcome to Liverpool ONE
BP” WELCOME i /, LIVERPOOL 01
Slide 2: Agenda
Liverpool ONE – September 2025 Agenda INTRODUCTION Mark Allan DRIVING GROWTH ACROSS OUR PLATFORM Bruce Findlay PANEL SESSION LIVERPOOL ONE Tim Treadwell TOUR DETAILS Rob Deacon LUNCH TOUR OF LIVERPOOL ONE 2
Slide 3: Introduction
INTRODUCTION Mark Allan CHIEF EXECUTIVE OFFICER
Slide 4: Continued momentum in delivering on our key objective
Liverpool ONE – September 2025 Continued momentum in delivering on our key objective Sustainable income/EPS growth, built on high-quality portfolio NEAR TERM LONGER TERM BEST-IN-CLASS CENTRAL LONDON PORTFOLIO LEADING UK RETAIL PLATFORM £3BN+ RESIDENTIAL-LED PIPELINE NOVA LIVERPOOL ONE MAYFIELD Victo
Slide 5: Good early progress on our strategic objectives
Liverpool ONE – September 2025 Good early progress on our strategic objectives Capital recycling ahead of plan and income/cost efficiencies on track WHAT WE SAID IN FEBRUARY WHAT WE HAVE DELIVERED SINCE • Capture growing reversion in retail/office portfolio • 10% rental uplift in retail/office letti
Slide 6: Prioritising capital allocation based on clear view on risks/returns
Capital Markets Event - September 2025 Prioritising capital allocation based on clear view on risks/returns Clear framework for investment decisions High SHARE RETAIL OUR PRIORITIES IN THE NEXT 12-18 MONTHS buyback investment • Major retail remains highest conviction call, Impact on near-term given
Slide 7: Recycling capital out of low-returning assets
Liverpool ONE – September 2025 Recycling capital out of low-returning assets Focus on income and income growth QUEEN ANNE’S MANSIONS (£245M) PRE-DEVELOPMENT ASSETS (£72M) RETAIL PARKS (£261M) Asset generates 0% total return Two sites sold/in legals Four parks sold/in legals Value depreciates to end
Slide 8: Strong performance of recent £0.9bn major retail acquisitions
Liverpool ONE – September 2025 Strong performance of recent £0.9bn major retail acquisitions Operational growth adds to attractive day-one returns BLUEWATER ST DAVID’S LIVERPOOL ONE Acquired £126m (Dec-21) + £120m (Jun-24) Acquired £103m (Mar-23) Acquired £490m (Dec-24) + £20m (Apr-25) Day-one incom
Slide 9: Major retail 38% of total income now
Liverpool ONE – September 2025 Major retail 38% of total income now1 Strong income growth potential underpins overall EPS growth SIGNIFICANT UPSIDE IN EXISTING MAJOR RETAIL NRI RETAIL KEY DRIVER OF OVERALL EPS GROWTH 1.0-2.0% 4.5-7.0% c. 60p 0.5-1.0% 3.0-4.0% 50.3p Capturing Commercialisation Accret
Slide 10: Current outlook
Liverpool ONE – September 2025 Current outlook Growing momentum in delivering on our key objective FOCUS ON SUSTAINABLE INCOME /EPS GROWTH SUPPORTED BY STRONG OPERATIONAL PERFORMANCE • Best-in-class portfolio with strong customer demand • Portfolio 97% full, with growing reversionary potential • Lon
Slide 11: Driving Growth
DRIVING GROWTH Bruce Findlay MANAGING DIRECTOR RETAIL
Slide 12: High-quality portfolio with significant future income growth
Liverpool ONE – September 2025 High-quality portfolio with significant future income growth Strong growth potential in £190m annualised net rental income1 LEADING UK PORTFOLIO 86%LARGEST IN TOP 1%CONSUMER REACH2 1 RETAIL DESTINATIONS RETURN TO INCOME GROWTH UK shopping destinations ranked by spend2
Slide 13: Market-leading platform in major UK retail destinations
Liverpool ONE – September 2025 Market-leading platform in major UK retail destinations Offering brands unrivalled access to consumers and sales1 HIGHEST ANNUAL FOOTFALL1 LARGEST CONSUMER REACH1,2 STRONG SALES OUTPERFORMANCE Latest reported annual footfall % of UK population in catchment 6.9% Landsec
Slide 14: Strong momentum YTD
Liverpool ONE – September 2025 Strong momentum YTD Sales and footfall growth materially ahead of wider market STRONG OUTPERFORMANCE YTD KEY SECTORS PERFORMING WELL AHEAD OF UK AVERAGE YTD performance % of portfolio 11% Apparel -2% 61% 8.3% 16% Health & Beauty 2% 4.9% 2.0% 5% 1.0% Restaurants 13% -9%
Slide 15: Our approach to driving growth
Liverpool ONE – September 2025 Our approach to driving growth Delivering what consumers want so brands can thrive OUR RETAIL FORMULA MATERIAL UPSIDE IN INCOME AND VALUE 120 Grow rents Data & insights 110 100 90 Improved Create affordability of space High occupancy experience-led places 80 GROWING 70
Slide 16: Creating best experience: leading brands
Liverpool ONE – September 2025 Creating best experience Leading brands to create experience-led places INDITEX EXPANSION SEPHORA UK ENTRY UNIQLO GROWTH BLUEWATER BLUEWATER LIVERPOOL ONE Kent Kent Number of stores up from 7 in FY23 to 19 by FY26 Omni-channel/experiential store based Number of stores
Slide 17: Creating best experience: F&B and leisure
Liverpool ONE – September 2025 Creating best experience Enhancing F&B and leisure to add to consumer experience SOCIAL EATING CONCEPTS ELEVATING DINING OPTIONS GROWING LEISURE TRINITY KITCHEN EXPANSION Leeds Expanding successful Trinity Kitchen F&B leasing up 80% over last 2 yrs vs prior 2 yrs Opene
Slide 18: Attracting right brands drives growth across wider assets
Liverpool ONE – September 2025 Creating best experience Attracting right brands drives growth across wider assets M&S, WHITE ROSE ZARA, TRINITY GRAVITY, SOUTHSIDE New 132,000 sq ft flagship store New 42,000 sq ft flagship store Repurposed 80,000 sq ft department store 14% uplift in centre footfall 9
Slide 19: Capturing growing reversion to drive LFL NRI growth
Liverpool ONE – September 2025 Capturing growing reversion to drive LFL NRI growth Expect rental uplifts and turnover growth to drive 3-4% growth p.a. MARKET-LEADING OCCUPANCY RISE IN RENTAL UPLIFTS VS PREVIOUS RENT BENEFITTING FROM DRIVING SALES 97% 96% 95% 14% 11% 94% 1% 7% 3% 93% Further c. 1% sa
Slide 20: Target to grow £21m commercialisation income by >50%
Liverpool ONE – September 2025 Target to grow £21m commercialisation income by >50% Growth to add 0.5-1% to our NRI growth p.a. MANAGED OPERATIONS EVENTS & BRAND EXPERIENCES DIGITAL MEDIA EV CHARGING HOLOVIS PARTNERSHIP PROPOSED DIGITAL SCREENS Bluewater Gunwharf Quays Liverpool ONE Car parking NRI
Slide 21: Pipeline of smaller, high-impact interventions
Liverpool ONE – September 2025 Pipeline of smaller, high-impact interventions Individual projects typically c. £10-15m CURRENT PROJECTS (C. £45M TOTAL COST) NEAR-TERM PLANS PRIMARK UPSIZE MARLBOROUGH SQUARE WATERFRONT CHAVASSE PARK White Rose Gunwharf Quays Gunwharf Quays Liverpool ONE FOOD HALL EXP
Slide 22: Investing in our portfolio
Liverpool ONE – September 2025 Investing in our portfolio High return on incremental investment INVESTING IN ACCRETIVE CAPEX INDICATIVE ANNUAL INVESTMENT £45m Smaller projects Commercialisation c. £1m £40m Accretive Smaller projects £35m Defensive – Debenhams/Arcadia Leasing c. £20m /BHS/etc. unit r
Slide 23: Strong momentum
Liverpool ONE – September 2025 Strong momentum Major retail key driver of overall EPS growth TARGET GROWTH IN MAJOR RETAIL NRI CONTRIBUTION TO OVERALL EPS GROWTH 1.0-2.0% 4.5-7.0% c. 60p 0.5-1.0% 3.0-4.0% 50.3p Capturing Commercialisation Accretive Target CAGR FY25 Major retail Rest of Potential rev
Slide 24: Retailer Panel Discussion
RETAILER PANEL DISCUSSION
Slide 25: Liverpool ONE
LIVERPOOL ONE Tim Treadwell HEAD OF RETAIL PORTFOLIO
Slide 26: Liverpool ONE: one of the leading retail destinations in the UK
Liverpool ONE – September 2025 Liverpool ONE One of the leading retail destinations in the UK OVERVIEW • 42 acres of Liverpool City Centre • Opened in 2008 • 1.65m sq ft mixed-use destination • 140 shops, 30 bars/restaurants • 33m footfall generating £531m sales • 44.7% market share in core catchmen
Slide 27: Why Liverpool?
Liverpool ONE – September 2025 Why Liverpool? Strong catchment with £2.4bn potential retail spend ATTRACTIVE MARKET TOP UK RETAIL DESTINATION REGIONAL DOMINANCE 7th LARGEST UK DESTINATION LARGEST OPEN AIR 2.5M CATCHMENT in terms of total spend potential2 SHOPPING CENTRE in the UK 70,000 students Mod
Slide 28: A key destination for leading brands
Liverpool ONE – September 2025 A key destination for leading brands From international powerhouses to local heroes 1ST TOP 1ST Physical store for digital 5 native brands ARNE and UK location Montirex LFC is the outside London highest to host all four turnover major Inditex performing store football
Slide 29: Scarce opportunity to obtain full control of a Top 10 retail destination
Liverpool ONE – September 2025 Scarce opportunity to obtain full control of a Top 10 retail destination Comprising 19% of Landsec retail platform TRANSACTION OVERVIEW • Bought 92% stake in December 2024 for £490m • c.18-month process • £35m payment deferred for 2 years at 0% cost • Income return on
Slide 30: Strong momentum to date
Liverpool ONE – September 2025 Strong momentum to date Performance well ahead of our underwrite SALES/FOOTFALL RISING NEARING FULL CAPACITY STRONG GROWTH IN RENTS Growth since acquisition Occupancy Leasing performance 8.4% 8.1% 98.3% 25% 96.6% 17% Sales Footfall Dec-24 Today vs previous vs ERV passi
Slide 31: Further growth potential
Liverpool ONE – September 2025 Further growth potential Clear opportunities to drive continued growth ENHANCING BRAND LINE-UP REALISING PLATFORM BENEFITS TARGETED INVESTMENT Further new lettings exchanged Capture efficiency from Landsec platform Chavasse Park activation 10 renewals/new lettings ISH
Slide 32: Overview
Liverpool ONE – September 2025 Liverpool ONE Attractive addition to our platform Attractive Performance Top retail day-one return Further growth to date destination with clear opportunities well ahead in the UK growth identified of underwrite potential OVERVIEW
Slide 33: Tour Details
TOUR DETAILS Rob Deacon ASSET MANAGEMENT DIRECTOR
Slide 34: Tour Route
3 4 5 2 Bread Steet Kitchen TOUR 1 ROUTE Daffodil
Slide 35: Welcome to Liverpool ONE
BP” WELCOME i /, LIVERPOOL 01