Land Securities builds on 'strong operational and strategic momentum'

Land Securities stated it had capitalised further on 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, Land Securities also said it had further strengthened its "strong capital base", even as it secured 100% ownership of St David's shopping centre in Cardiff and an adjacent vacant Debenhams store for "a minimal sum".

Chief executive Mark Allan said: "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."

As of 1000 BST, Land Securities shares were up 1.01% at 581.60p.

Reporting by Iain Gilbert at Sharecast.com