- Profit before tax £1,227.3m up 14.8%
- Revenue profit £274.7m up 9.1%
- Dividend 28.2p up 0.7%
- Total business return Up 23.6%
- Total shareholder return Up 16.0%
Retail Portfolio performance
Our Retail Portfolio produced a valuation surplus of 8.5% overall, with shopping centres and shops up 7.5% and retail warehouses and food stores up 11.2%.
- Trinity Leeds development restarted and now 57.5% pre-let or in solicitors’ hands. Delivery in spring 2013
- John Lewis at home to open in Chester and Exeter
- Two new stores opened for Sainsbury’s
London Portfolio performance
Our London Portfolio produced a valuation surplus of 10.8% overall, with West End offices up 6.8%, City offices up 12.0% and central London retail up 21.5%.
- Park House, W1, development started and subsequently sold for total consideration of £296m
- One New Change, EC4, opened on 28 October with the retail element fully let
The retail landscape is undergoing fundamental change. We anticipate further buying opportunities and the potential to take forward asset management and development opportunities within our portfolio.
The outlook for our market and portfolio of assets is positive, with limited supply of new space and high levels of lease expiries likely to drive rising rents.
We own, manage and develop office properties in the capital complemented by retail and residential accommodation. Our assets are concentrated in central London.
Strategy, vision, values
- Customer Service
Why we develop
When undertaken at the right stage in the cycle, property development has the potential to deliver new buildings at attractive rental income yields and to generate valuation surpluses materially ahead of general market movements.
We have embarked on a large development programme early in the recovery cycle. Not all property companies have the balance sheet or skills to deliver such a programme. Land Securities does, and we believe it is the right strategy to adopt for the Company and for shareholders at the present time.
With the commercial property market continuing to recover, we are benefiting from having been the first to restart major development activity.
Our decisive action has already delivered tangible returns for shareholders. By seeing things differently during the year, we have been able to spot and address some excellent opportunities, and have been clear-sighted and confident in our pursuit of value creation.
Group Finance Director
Managing Director, Retail Portfolio
Managing Director, London Portfolio
New Street Square
One New Change
Queen Anne’s Gate