UK commercial property boom boosts Land Securities

The developer of London’s “Walkie Talkie” skyscraper said its adjusted diluted net asset value - a key measure for developers as it reflects the value of their buildings - rose 27.6 percent to 1,293 pence per share in the year ended March 31.

Chief executive Robert Noel said: “In retail, we took decisive action and have transformed our shopping centre portfolio, focusing our capital and expertise on those assets that fit in with our strategic themes of dominance, experience and convenience, and by selling those that do not. In line with our strategy, we acquired a 30 per cent interest in the Bluewater shopping centre and took full ownership of Buchanan Galleries, Glasgow where we are working up our extension plans. We also committed to the redevelopment of Westgate, Oxford to provide a much-anticipated retail and leisure destination for the city. Our focus will remain on creating, owning and managing great destinations.”

In a statement, Land Securities said: “Outside the like-for-like portfolio, completed developments increased in value by 14.2 per cent due to a 60 basis points reduction in yields, although rental values decreased marginally due to Trinity Leeds, where retailer administrations have led to some lower appraised rents.”