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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.
Impact report
Our 2022 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.
Half Year Results 2024
Land Securities Group PLC announced its half year results for the six months ended 30 September 2024 on Friday 15 November 2024
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.
27 July 2017
Landsec has exchanged contracts to sell its 50% stake in 20 Fenchurch Street, EC3M to LKK Health Products Group Limited (“LKKHPG”) for a headline price of £641.3 million. LKKHPG will also acquire Canary Wharf Group’s 50% stake in the building, bringing the total headline price to £1,282.5 million, reflecting a net initial yield to the purchaser of 3.4%. Completion is expected to take place at the end of August and is unconditional.
20 Fenchurch Street was developed by a joint venture between Landsec and Canary Wharf Group in 2010, completed in 2014 and comprises 671,000 sq ft of office space on 34 floors in the City of London’s insurance district. Its innovative and efficient design makes it an attractive location for insurance companies and brokers alike, and it was fully let just a few months after completion to customers including Markel, RSA and Liberty Mutual. It’s also home to 17,000 sq ft of retail space on the ground floor and within the three-storey Sky Garden, which has spectacular views across London.
After costs of sale, the top up of unexpired rent free periods and other commitments, Landsec expects to receive £634.5 million in net proceeds. Landsec intends to return approximately £475 million to shareholders in the form of a payment of 60 pence per share, which would be accompanied by a share consolidation. The payment and share consolidation is subject to shareholder approval, which is expected to be sought in late September 2017. The balance of the proceeds will initially be used to repay short term debt, pending redeployment. As a result, Landsec’s current gearing is expected to remain unchanged. Landsec’s 50% share in 20 Fenchurch Street was last valued on 31 March 2017 at £567.5m. The annualised net rental income (on an accounting basis) attributable to Landsec’s 50% share is currently £18.8 million.
Robert Noel, Chief Executive of Landsec, said: “Our decision to sell 20 Fenchurch Street at an exceptional price and return cash to shareholders reflects our disciplined approach to the use of capital. The building has been an immensely successful project for Landsec and our partners. Its development in 2010 was part of Landsec’s major speculative development programme in the capital, which has seen the completion of 3.1 million sq ft of office and retail space, thousands of jobs sustained in the construction industry, and considerable improvements to public spaces. This sale crystallises the significant value we have created at 20 Fenchurch Street.
“While we will be returning cash to shareholders as a result of the sale, our gearing will remain unchanged from current levels, ensuring we retain our significant firepower. This will allow us to move quickly to capitalise on opportunities whenever they might arise.”
At Landsec, we believe great places are for people to experience and are made with the experience of great people. As the UK’s largest listed commercial property company, with 23.2 million sq ft of real estate and a portfolio valued at £14.4 billion, we own and manage some of the most successful and recognisable assets in the country. In London, our portfolio totals more than £8.3 billion, and consists of 6.5 million sq ft of real estate. From the world famous Piccadilly Lights to the transformation of Victoria, SW1, we deliver exceptional experiences for the businesses and people that live and work in, and visit, the capital. In Retail, across our 16.7 million sq ft of assets, we create outstanding experiences for customers and guests alike. Combined with the strength and resilience of our portfolio, this means we regularly outperform industry benchmarks for footfall and sales. We offer more than convenience and choice, recognising that memorable destinations are key to attracting the shoppers and retailers of today, and tomorrow. We also aim to lead our industry in critical long-term issues – from diversity and community employment, to carbon and climate resilience. Everything we do is grounded in experience and begins with people. We deliver value for our shareholders, great experiences for our customers and positive change for our communities. At Landsec, everything is experience.
Press Peter Hewer/Sam Chiene Tulchan Communications +44 (0) 20 7353 4200 PHewer@tulchangroup.com SChiene@tulchangroup.com
Investors Ed Thacker +44(0) 20 7024 5185 Edward.Thacker@landsec.com
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