UK's biggest property frim surpasses profit hopes
The owner of New Scotland Yard in England and a clutch of regional shopping centres around the UK showed the strength of its portfolio today with an 8% rise in profits.
Land Securities, which is the UK’s largest property company, said it had enjoyed a bright start to its financial year after net asset value per share – a key measure of the value of its investments – rose 8.4% to 1443p.
Profits were up by the same level to £196.6m (€280.2m) in the six months to September 30, although the better-than-expected result was overshadowed by the prospect of Land making a loss in the full financial year.
The fall into the red stems from a debt restructuring, which Land expects to cause a £678m (€966m) exceptional accounting charge in the second half.
Land owns around 200 properties in the UK, with a particularly powerful position in the market for shopping centres and out-of-town retail parks. It is also focused on property outsourcing and the central London office market.
As well as New Scotland Yard and the Home Office, Land owns the White Rose shopping centre in Leeds, St David’s Centre in Cardiff and has a one-third share of the Bullring complex in Birmingham.
