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BRIEF-Land Securities says Brexit lead to lower occupational demand
May 18, 2017 / 7:17 AM / 7 months ago

BRIEF-Land Securities says Brexit lead to lower occupational demand

May 18 (Reuters) - Land Securities Group Plc

* Final dividend 11.7 penceper share

* Fy revenue profit increased by 5.5% to £382m,

* Fy adjusted diluted nav per share is down marginally over year at 1,417p

* Has just 283,000 sq ft available to let from its london sepculative development programme commenced in 2010

* Has a 1.4 million sq ft pipeline of future development opportunities to exploit when time is right

* Fy ungeared total property return(1) of 3.7% (ipd quarterly universe 4.6%)

* Fy voids(1) in like-for-like portfolio: 4.6% (31 march 2016: 2.4%)

* Fy combined portfolio(2) valued at £14.4bn, with a valuation deficit(2) of 1.0%

* In london office market, expects occupational balance to shift from demand to supply during course of 2017

* Brexit vote brought that inflexion point forward for shift of occupational balance from demand to supply

* “we won’t be sure of the long-term effect of brexit on our markets for some time” - ceo

* “we’re taking this time to prepare the business for the opportunities and challenges we see ahead” - ceo

* “ retailers were a little slower to take up new space during the year but we continued to see opportunities” - ceo

* brexit has lead to lower occupational demand, falling rental values, reduction in construction commitments, though less than co expected Source text for Eikon: Further company coverage:

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