Land Securities reported it’s full year figures for the 12 months to March 31 this morning. The main highlights are:
- The UK REIT saw an 19.5 increase in its net asset value to 826p a share – far exceeding analysts forecasts.
- The company has benefitted from it’s exposure to the central London office development market where it is active in both the City and West End office markets.
- Central London retail increased in value by over 21%, followed by retail warehouses up 11%’ offices 8% and shopping centres 7.5%.
- Vacancies across the company reduced to 4.3% while rents increased by almost 5 %.
Chief executive Francis Salway said the company had made strong progress in what was a year of recovery.
“Our markets are in recovery mode and we see particularly strong growth prospects in London over the next few years.”
With British Land being the next major REIT to announce results, all eyes will be on it’s CEO Chris Grigg.