Noel to take over as CEO at Land Securities
Land Securities today reported that the proportion of units in administration in its like-for-like portfolio had reached 1.0% as of 20 January. The figure for the end of December (the end of its third quarter) had already edged up to 0.6%, from 0.4% at the end of September.
Voids in the like-for-like portfolio fell to 3.1% as of the end of December compared with 3.3% at the end of September. This void level includes units let on a temporary basis, at 0.9%. A further 0.2% is under offer.
The group said it had achieved £7.1m of lettings during its third quarter at an average of 0.5% above the September 2011 rental values, and that an additional £3.3m of lettings were in solicitors’ hands.
Land Securities sold a total of £104.0m of property during the quarter, at 1.9% below the March 2011 valuation, and at an average 7.6% yield. It invested £89.1m including capital expenditure on developments of £51.1m and acquisitions of £11.1m, made at an average yield of 1.4%.
Land Securities also announced today that Robert Noel, managing director of its London portfolio, would be taking over as chief executive in April, after current CEO Francis Salway steps down. Commenting on today’s update, Mr. Salway said: “Despite weak economic news flow, we have continued to make progress in the period having completed a number of development lettings, and further reduced void levels on our portfolio. As is to be expected in a period of economic uncertainty, letting transactions are taking longer to execute.”
