Find a space
Whether you need a retail space to rent in Leeds or an office to rent in London, we’ve got the commercial property to fit your needs. Or dive into our regeneration projects that are bringing new life to towns and cities around the UK.
Introducing Below The Lights
Below The Lights opened in summer 2024 in the heart of London - under the famous Piccadilly Lights.A unique Spotlight space for immersive events, Below The Lights is a place where brands can create memorable experiences and incredible media campaigns.
About
We build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential.
Our 2023 Impact Report
Our 2023 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.
The potential of sustainable retail
Sustainable retail has the potential to boost local UK economies by nearly £100m and grow brand revenues by up to 13%.
Investors
Discover the strategy that drives our success, as we create sustainable value for our three types of investor: institutional, private and debt.
Annual Results 2025
Land Securities Group PLC announced its Annual results for the six months ended 31st March 2025 on Friday 16 May 2025
Creating valuable places
We enter the coming year with a renewed sense of clarity and purpose.
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.
We are working to Let Nature In
We’re letting nature into the design, development, and management of our spaces. We’re improving biodiversity; promoting health, wellbeing and community engagement by creating green spaces; and creating nature-based solutions to mitigate and adapt to climate change.
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
Reverse mentoring for an inclusive future
Earlier this year, nine executive leadership team members (ELT) were each paired with a more junior colleague for a six-month reverse mentoring opportunity.
Strong operational results set to drive continued growth
“Our portfolio again delivered very strong performance with like-for-like net rental income growth of 5.0%, supporting growth in both earnings and portfolio valuation over the year. Owning the right real estate has never been more important and, with a very healthy pipeline of occupier demand, this trend looks set to continue, providing a clear trajectory for further near and medium-term EPS growth."Our undoubted portfolio quality is a result of proactive and successful capital recycling over recent years and this will continue to be a focus for us. Our capital allocation decisions from here are about ensuring that the growth outlook for our portfolio in 3-5 years' time is as positive as it is for our current portfolio today. That is why we have set out a clear plan to increase investment in major retail by a further £1bn and establish a £2bn+ residential platform by 2030, to be funded by rotating £3bn of capital out of offices, non-core investments and low or non-yielding pre-development assets. Delivering on this strategy, whilst continuing to drive sustainable income and EPS growth, is our priority and we are firmly underway."
Mark AllanChief Executive
- EPRA earnings up £3m to £374m, as strong 5.0% LFL net rental income growth and lower overhead costs more than offset impact from significant disposals early in year and a rise in finance costs- EPRA EPS(1)(2) up 0.4% to 50.3p, in line with expectations and well ahead of initial guidance- Total dividend up 2.0% to 40.4p per share, in line with guidance- Profit before tax up to £393m, as strong 4.2% ERV growth supported £119m or 1.1% uplift in portfolio value, resulting in 6.4% return on equity and 1.7% increase in EPRA NTA per share- Group LTV of 38.4% and average net debt/EBITDA of 7.7x pro-forma for disposals since year-end, as long 9.6-year average debt maturity underpins resilience of capital base- Further LFL growth and efficiency improvements, alongside portfolio rebalancing to enhance long-term growth, provides c. 20% EPRA EPS growth potential by FY30, with c. 2–4% growth expected in FY26
- Delivered 5.0% LFL net rental income growth, ahead of guidance, with 8% rental uplifts on relettings / renewals in London and major retail, and continued strong leasing momentum since the year-end- Increased occupancy by 100bps on a LFL basis to 97.2%, the highest level in five years- Drove 4.2% ERV growth through successful leasing activity, adding to future income growth potential- Reduced overhead costs by 5%, with more than 10% further savings expected over FY26–27
- Income growth increases, as investment market activity starts to pick up- Delivered 6.6% LFL net rental income growth, with occupancy up 120bps to 98.0%, £24m of lettings signed or in solicitors’ hands 7% above ERV, and relettings/renewals 13% above previous rent- Drove 5.2% ERV growth, as customer demand remains focused on high-quality space in best locations, with growth for current year expected to be at broadly similar levels- Reversionary potential increased to 12%, paving way for further near-term LFL income growth- Portfolio valuation up 1.0%, as yields start to stabilise and investment market activity continues to pick up steadily, supporting planned release of £2bn of capital employed from FY27 onwards- Set to complete £860m of developments in late FY26 at accretive 7.1% gross yield on cost, with encouraging customer interest expected to translate into first pre-letting activity in second half
- Income up strongly, as brands focus on best destinations- Delivered 5.1% LFL net rental income growth, with occupancy up 110bps to 96.6%, £39m of lettings signed or in solicitors’ hands 11% above ERV, and relettings/renewals 8% above previous rent- Drove 4.0% ERV growth, capitalising on continued focus from brands on fewer, bigger, better stores, with similar growth expected for current year- Expect continued LFL income growth, as leasing pipeline remains strong and rental uplifts grow- Portfolio valuation up 3.4%, reflecting attraction of high-quality, growing income- Invested £610m in Liverpool ONE and Bluewater acquisitions at average 7.7% income yield, with aim to invest a further £1bn in highly accretive growth of major retail platform over next 1–3 years
- Progressed preparation of sizeable residential pipeline, ahead of first potential starts in late 2026- Started on site with infrastructure works, secured vacant possession and completed demolition for first phase of consented 1,800-homes Finchley Road scheme in Zone 2, London- Renegotiated development agreement at Mayfield, Manchester, unlocking option to deliver c. 1,700 homes from 2026 onwards, with decision on detailed planning for first phase expected in second half- Submitted outline/detailed planning application for masterplan in Lewisham, Zones 2&3, London, covering up to 2,800 homes, with planning decision expected in second half of year- Preparing for first potential residential development starts in late 2026, as part of strategic objective to invest £2bn+ in this structural growth sector by FY30
- Maintained strong capital base, with £655m of capital recycling broadly in line with book value- Sold £496m of non-core assets during year plus a further £159m since year-end, on average 1% below Mar-24 book value, with further non-core disposals expected in near term- Maintained solid capital base, with 9.6-year average debt maturity, £1.1bn cash and undrawn facilities, and pro-forma for disposals post year-end, 7.7x average net debt/EBITDA and 38.4% LTV- Capitalised on sector-leading access to credit during year, with £350m 10-year bond issue at 4.625% coupon and refinancing of £2.25bn revolving credit facilities at existing low margin
You can watch a replay of the live webcast, here: https://webcast.landsec.com/2025-full-year-results
1. An alternative performance measure. The Group uses a number of financial measures to assess and explain its performance, some of which are considered to be alternative performance measures as they are not defined under IFRS. For further details, see the Financial review and table 14 in the Business analysis section. 2. Including our proportionate share of subsidiaries and joint ventures, as explained in the Financial review. The condensed consolidated preliminary financial information is prepared under UK adopted international accounting standards (IFRSs and IFRICs) where the Group’s interests in joint ventures are shown collectively in the income statement and balance sheet, and all subsidiaries are consolidated at 100%. Internally, management reviews the Group’s results on a basis that adjusts for these forms of ownership to present a proportionate share. These metrics, including the Combined Portfolio, are examples of this approach, reflecting our economic interest in our properties regardless of our ownership structure. For further details, see table 14 in the Business analysis section.
