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| Land Securities presents 1Q 2012 interim results UK commercial property giant Land Securities continues to deliver lettings across its development pipeline, execute plans for all its assets and maintain its strong financial footing ready to take advantage of any future opportunities. Key Highlights: Good momentum on lettings across all schemes £9.3m of development lettings signed since 1 April 2012 London Portfolio - £5.8m of development lettings with a further £2.4m in solicitors' hands One New Change, EC4 – 94% let 20 Fenchurch Street, EC3 – offices 19% pre-let or in solicitors' hands 123 Victoria Street, SW1 – retail fully let, offices 42% pre-le Retail Portfolio - £3.5m of development lettings with a further £2.3m in solicitors' hands Trinity Leeds now 72% pre-let with a further 8% in solicitors' hands 185-221 Buchanan Street, Glasgow remains 92% pre-let Asset management strengthening the portfolio £7.0m of investment lettings in total with a further £4.3m of lettings in solicitors' hands. Voids in the like-for-like portfolio up at 3.2% (3.0% at 31 March 2012). The void level includes units let on a temporary basis at 0.8% with a further 0.7% under offer Retail Portfolio voids flat at 3.6% (3.6% at 31 March 2012). Units let on a temporary basis at 1.4% with a further 0.7% under offer London Portfolio voids at 2.9% (2.5% at 31 March 2012) Units in administration in the like-for-like portfolio 1.1% at 30 June 2012 (1.2% at 31 March 2012) Retail units in administration are at 2.0% (2.2% at 31 March 2012) with 53% of this still trading London units in administration flat at 0.2% Financial strength There were no disposals in the period Total investment in the quarter of £148.2m, including capital expenditure on developments of £59.5m Acquisitions since 1 April totalled £67.6m at an average yield of 4.1% Group LTV including joint ventures at 30 June 2012, based on 31 March 2012 asset values, of 38.1% (38.0% at 31 March 2012), which will reduce to 34.3% on receipt of £394.6m of proceeds from disposals already recognised. write your comments about the article :: © 2012 Construction News :: home page |