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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%.
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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.
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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.
17 December 2024
Landsec announces that it has acquired a 92% stake in Liverpool ONE, one of the premier shopping centres in the UK, from a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) (69%) and Grosvenor (23%) for an overall consideration of £490m.
Of this total consideration, a payment of £35m to ADIA is deferred for two years. The income return on Landsec’s initial £455m outlay is expected to be c. 7.5%. The centre’s current rental income is 4% below ERV, so combined with the benefits of Landsec’s leading operating platform, strong brand relationships and further ERV growth, rental income is expected to grow meaningfully in the coming years.
The acquisition is in line with Landsec’s objective to grow its investment in major retail destinations, recycling the proceeds from its £464m of non-core sales earlier in the year. Landsec will now own and manage seven of the top-30 shopping centres in the UK, providing brands and visitors with a unique portfolio of regionally dominant, urban retail and leisure destinations.
Opened in 2008, Liverpool ONE is one of the most modern major retail destinations in the UK, offering a strong mix of retail, food and beverage, and leisure brands that attract footfall of 22 million people per year. Retail sales have grown by 5% over the past twelve months, with new leases signed 10% above ERV, relettings and renewals 5% above previous passing rent, and overall occupancy of 96%. This highlights that Liverpool ONE is well-placed to benefit from the continued focus on fewer, bigger and better stores from key brands, further exemplified by recent upsizes and new lettings with e.g. M&S, Sephora, Uniqlo and Zara.
The transaction includes certain performance-related overage provisions with ADIA. Including this, Landsec expects its investment to deliver an unlevered IRR in line with the guidance it provided at its recent half-year results. The transaction initially adds c. 2.7ppt to the company’s LTV and, upon refinancing the existing secured debt on the asset, is expected to add c. 1.3p to EPS on an annualised basis.
Mark Allan, Chief Executive Officer at Landsec said: “The top 1% of the UK’s shopping destinations provide brands with access to 30% of all in-store retail spend, which is why we continue to see brands focus on fewer, but bigger and better stores in the best locations. As such I am delighted that we have added another top-ten centre with a highly attractive return profile – meaning our unique portfolio now includes seven of the top 30 centres in the UK. Liverpool ONE already has a great line-up of brands in a thriving location and we look forward to building on this with our leading operating platform to further add to its exciting growth story.”
James Raynor, CEO, Grosvenor Property UK, added: “Liverpool ONE is a phenomenal destination and we’re incredibly proud of what we’ve accomplished with and for the City over the last 25 years. It’s not only one of the most remarkable regeneration stories, re-defining what long-term investment and partnership can achieve, it continues to be one of the UK’s most successful retail and leisure destinations. And, under the unified ownership and management of Landsec, we know it will continue to thrive.
“Looking ahead, we have ambitious plans to grow and diversify the business and we will reinvest the proceeds from the sale in our core portfolio including our 10-year programme of investment in London and residential debt business, which has supported the delivery of 3,370 homes in just 2 years.”
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