Workplace
We create workplaces designed for life - not just the 9 to 5. From a net zero office space in Southwark to an office at the heart of Manchester’s MediaCity, find the perfect fit for 10-150+ desks.
The Forge, Bankside
Inspired by its industrial past and built for the future, it’s our first net zero carbon workplace.
n2, Victoria
Part of the Nova campus, n2 is an oasis of calm in vibrant Victoria.
Lucent, Piccadilly
Bright and airy offices allow people to take in the inspiring cityscape, especially on the 20 outdoor terraces.
Dashwood, City of London
Dashwood is a boutique tower at an unrivalled City location, providing a unique choice of workspaces to meet customer needs today, and in the future.
140 Aldersgate, City of London
Located in the heart of a vibrant city location, 140 Aldersgate connects business and culture between Farringdon and Barbican.
Retail & Hospitality
We own and operate some of the UK's most renowned retail and hospitality destinations that connect brands with people.
Bluewater, Kent
Bluewater features a curated brand mix of retail and leisure experiences.
Gunwharf Quays, Portsmouth
With its unique waterfront location and maritime history, Gunwharf Quays offers warm hospitality alongside its premium retail and leisure experiences.
St David's, Cardiff
St David’s occupies one third of Cardiff’s city centre, and half of the city’s retail space, establishing it as the beating heart of the community.
Trinity, Leeds
The open-air experience under the iconic domed roof of Trinity Leeds spans over 1 million sq ft of prime retail and hospitality space.
Westgate, Oxford
Modernity meets history in the characterful Westgate Oxford, a stone’s throw away from the historic Oxford Castle Quarter.
Mixed-use regeneration
Working closely with communities and local authorities around the UK, we regenerate urban spaces into thriving places to live, work and play.
Mayfield, Manchester
Mayfield is a 24-acre brownfield site packed with heritage and the River Medlock flowing through its core.
The O2 Centre, Camden
The O2 Centre Masterplan will deliver a new mixed-use urban neighbourhood spanning 14-acres of currently underutilised space in Zone 2 London.
The Galleries, Glasgow
The Galleries, our vision for the redevelopment of Buchanan Galleries, is a once-in-a-generation opportunity to enhance the city centre as a magnetic place for homegrown talent and opportunity.
Lewisham Shopping Centre, Lewisham
We’re developing plans to shape a new centre for Lewisham. The plans will redefine the town centre – offering everyone better choices and new experiences that are firmly rooted in Lewisham's people and culture.
Hartree, Cambridge
Landsec and TOWN, working with Cambridge City Council and Anglian Water, are developing a vision for a new urban quarter in Cambridge.
About
We build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential.
Impact report
Our 2022 impact report deep dives into the ways our places and activities are making a difference across the UK. From our economic contributions to the social and sustainable value we deliver, we recognise that the consequences of the actions we take as an organisation are both far-reaching and long-lasting.
Investors
Discover the strategy that drives our success, as we create sustainable value for our three types of investor: institutional, private and debt.
Capital Markets Day - September 2023
We're hosting a Capital Markets Event for analysts and investors at our London office developments, Lucent at Piccadilly Circus and n2 in Victoria, which completed earlier this summer.
2023 full year results
Land Securities Group PLC announced its full year results for the 12 months ended 31 March 2023, on Tuesday 16 May 2023.
Sustainable urban places
Building on our competitive advantages. First to opportunities, in shape to act.
Sustainability
We're working to enhance the health of our environment and improve quality of life for our people, customers and communities - now, and for future generations.
Landsec Futures
Landsec Futures is a £20m fund that aims to deliver around £200m of social value by 2030, supporting at least 30,000 people from underrepresented socio-economic backgrounds towards long-term employment. It will also provide the chance to increase the diversity of talent across the industry and in our business.
Careers
Life at Landsec
We're shining a spotlight on some of the inspirational people that work for us as part of our Life at Landsec series.
Media & Insights
Reimagining the city for gender inclusivity
Hear more from Ellie Cosgrave about how we need to rethink our public spaces and challenge our existing assumptions about how to deliver cities which are successfully inclusive.
28 March 2023
Landsec continues to build on strong operational and strategic momentum
Since its half year results, Landsec has continued to build on its operational and strategic momentum. It has capitalised further on the ongoing customer demand for prime space across Central London offices and major retail destinations, while also recycling capital out of mature assets into new opportunities offering significantly higher future returns. At the same time, the business has further strengthened its strong capital base.
Unlocking complex opportunities at attractive returns Landsec has secured 100% ownership of St David’s shopping centre, Cardiff, following its purchase of the debt secured against the 50% share of the asset previously owned by intu plc. Comprising separate transactions with two debt holders, the overall purchase price represents a meaningful discount to the £113m September 2022 book value of Landsec’s existing 50% share of the centre, a net initial yield of 9.7% and an equivalent yield of 9.7%.
Leasing momentum in St David’s has been strong, as the centre benefits from brands’ ongoing “flight to prime”. Since March 2022, 36 leases have been signed or are in solicitors hands, on average 11% ahead of ERV. In the last 18 months, several brands have relocated to St David’s from elsewhere in the city, agreed to open new stores, or upsized their existing stores, including Zara, Ivy Asia, Gaucho and Footasylum. As a result, occupancy increased from 88.1% in March 2021 to 93.1% at the start of this year, with retail sales for the financial year to date 15% above the prior year and in-line with pre-pandemic levels.
Via a separate transaction, Landsec has also acquired the adjacent vacant Debenhams store for a minimal sum. Combined, this unlocks the opportunity to deliver its future vision for the centre, further enhancing its attraction for brands and visitors. This will introduce new public spaces, elevated F&B/leisure concepts and a refreshed brand mix, and is expected to deliver a high single digit income return on incremental capex.
Recycling capital out of mature assets Aside from the £350m disposal of the fully-let One New Street Square office in the City in January, Landsec has also sold a fully-let leisure asset in north London and a small non-core residential asset. The combined consideration of £49m represents an average yield of 2.9% and a 26% premium vs the March 2022 book value. With a further reduction in net debt since September and an increase in average debt maturity to over 10 years via its recent bond issue, Landsec retains one of the strongest balance sheets in the sector.
Capitalising on continued demand for best in class space Operational momentum has remained positive across Landsec’s Central London portfolio and major retail destinations, as customer demand continues to focus on best-in-class space.
In Central London, the strong demand for sustainable, modern space means that Landsec’s two largest on-site development schemes, n2 and Lucent, are now 66% and 67% pre-let or in solicitors hands respectively. As a result, its overall current pipeline is now 53% pre-let or in solicitors hands, ahead of its completion by the summer, up from 38% in November, with rents agreed since the half year well ahead of ERV. Demand across the company’s existing office portfolio remains strong as well, with further lettings ahead of ERV since the half year. In the West End, where two-thirds of Landsec’s London assets are located, the company’s office portfolio is currently more than 99% let or in solicitors hands.
Across Landsec’s major retail destinations, like-for-like sales were 3% ahead of pre-Covid levels for the eleven months to February. Leasing activity has remained strong since the half year, with rents ahead of ERV and a strong pipeline of lettings in solicitors hands of £14m, on average well ahead of ERV.
Mark Allan, Chief Executive, commented:
“Over the past year we have been decisive in positioning Landsec for a ‘higher for longer’ interest rate environment. We have realised capital out of mature assets through well-timed disposals; reduced net debt to preserve a strong balance sheet; extended debt maturities while preserving a low cost of debt; invested selectively in new opportunities that offer a materially higher return and responded proactively to the continued high demand amongst occupiers for prime space.
“We continue to believe that interesting opportunities will emerge as the economy transitions to a higher interest rate environment and have positioned the business to be able to respond accordingly.” Ends
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