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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.
22 November 2019
Land Securities Group PLC (“Landsec” or the “Company”) is pleased to announce that Mark Allan is to be appointed as its next Chief Executive Officer (“CEO”). Mark Allan is currently Chief Executive Officer of St Modwen Properties Plc, a role he has held since 1 November 2016. He joined St Modwen Properties Plc from The Unite Group plc, where he was CEO from 2006 until May 2016. Mark is a qualified Chartered Accountant and a member of the Royal Institution of Chartered Surveyors. He will take up the new role, and become an Executive Director, with effect from a date to be confirmed but by no later than 1 June 2020.
Commenting on the appointment, Cressida Hogg, Chairman of Landsec, said
“I am delighted to announce that Mark is to join Landsec as our next CEO. Mark has been a highly successful CEO of two companies in the property sector. He has demonstrated strong management skills and the strategic insights that we believe will build on the strengths of our business today and be invaluable for the next phase of Landsec's evolution. On behalf of the Board, and all of my colleagues in the business, I welcome Mark to Landsec and look forward to working with him when he joins next year.”
“I would also like to restate the Board’s appreciation to Rob for his successful leadership of Landsec as CEO and his continued commitment to the business.”
Mark Allan said “Landsec is an iconic property company with a fantastic heritage and I am delighted to have the opportunity to lead it. The world of Real Estate is undergoing significant change and I am confident, with the skills and experience already in place, that great opportunities lie ahead. I am looking forward to working with everyone at Landsec, the Board and its partners and customers.”
Robert Noel will continue as CEO for the time being and a further announcement will be made in due course regarding his leaving date.
There are no other matters to disclose under Listing Rule 9.6.13.
Ends
Additional information
Remuneration Arrangements for Mark Allan
Mark Allan’s remuneration arrangements will be in accordance with Landsec’s Directors’ Remuneration Policy (the “Policy”), which was approved by shareholders at the Annual General Meeting in July 2018.
1. Salary and benefits
Mark Allan will receive an annual base salary of £800,000 and benefits including a car allowance (or equivalent cash supplement) of £12,000, eligibility for private health care for him, his spouse and dependent children, life assurance of 4x base salary and ill health income protection of up to 66.7% base salary. He will also receive a cash pension allowance of 10.5% base salary, which is in line with the maximum pension rate applicable to the wider workforce and recognises best practice under the UK Corporate Governance Code and investor guidelines.
2. Bonus
Mark Allan will be eligible to participate in Landsec’s Annual Bonus Scheme and for the 2020/21 financial year he will have a maximum bonus opportunity of 150% of base salary, subject to performance conditions being met, which will be delivered in cash and deferred shares in accordance with the Policy.
3. Share incentives
Mark Allan will be eligible to participate in Landsec’s Long-Term Incentive Plan (the “LTIP”) with a maximum annual award of 300% of base salary, subject to performance conditions being met which will be set in line with the Policy.
4. Replacement awards
In order to replace existing long term incentive awards from his current employer that will lapse as a consequence of this appointment, but were due to vest in 2020, 2021 and 2022, Mark Allan will receive three nil-cost option awards (subject to performance conditions) over shares in Landsec of equivalent value to vest in line with the vesting schedule of the original awards. These awards will be granted on materially equivalent terms to the rules of the LTIP, including malus and clawback. The extent to which the awards vest in 2020 and 2021 will be determined by reference to the existing performance conditions relating to his current employer; the outcome of the award vesting in 2022 will be determined by the performance conditions of the LTIP.
As compensation for the annual bonus that would have been received from his former employer, Mark Allan will receive a replacement bonus of up to £700,000, repayable on a pro rata basis if he leaves Landsec within two years. 40% of Mark Allan’s net bonus will be used to purchase shares in Landsec to be held for a period of at least three years. As compensation for the loss of his existing Sharesave options granted by his former employer, Mark Allan will be granted a one-off award of free shares in Landsec equivalent in value to the gross value of the grant that would have been made had such options not lapsed.
5. Other
Mark Allan will be entitled to a one-off cash relocation payment of £200,000, repayable on a pro rata basis if he leaves Landsec within two years. Mark Allan will be required to build up and maintain a minimum shareholding equal to 300% base salary.
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