LONDON, November 18 /PRNewswire/ -- Land Securities, the UK's largest property company, said it had achieved lettings totalling over GBP29m per annum in the first six months of the year.
The company said the quality of its portfolio helped it outperform the IPD benchmark, with a valuation decline of 1.4 per cent. That reduced adjusted NAV by 4.7 per cent in the first half.
Earnings were down just over 15 per cent in the period, which was attributed to the disposals made to put the balance sheet in great shape.
In a video interview with http://www.cantos.com, Francis Salway, Chief Executive, noted that the market cycle has turned and value trends have gone from being negative to positive. Commenting on the company's performance in this climate he said:
Our confidence is much more about Land Securities. If we go back to the time of our Rights Issue, trends in the market had been broadly consistent with our view then on peak-to-trough falls in values. And the actions we've taken have been consistent with what we said we'd do. So we are very much where we wanted to be in terms of balance sheet ratios, capacity to invest and some interesting development opportunities.
The interview and transcript are available now on http://www.cantos.com/node/4779/company/Land%2BSecurities.
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SOURCE: Land Securities Group plc
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