Land Securities increases 2013 interim dividend by 2.7%

Half-yearly results for the six months ended 30 September 2013

12 November 2013

"Disciplined and efficient execution of our strategy is the theme of Land Securities' half-yearly results. This is a business in full delivery mode, producing good results for shareholders today - revenue profit up 8.9% and adjusted NAV up 3.8% - and establishing a strong base for future outperformance.

"Our core markets, Retail and London, are driven by different dynamics and our strategies reflect the differences. In Retail, we have kept voids low, sold assets in non-core locations and recycled the capital into leisure as consumer demand for experiences grows. At the same time we are planning next generation retail parks and shopping centres.

"In London, our focus is on development. We are transforming Victoria and this is being recognised by occupiers. 123 Victoria Street is now 86% let and 62 Buckingham Gate is 57% let with 10% in solicitors' hands. At 20 Fenchurch Street, our landmark tower in the City, we have continued to attract new tenants and the building is now 56% pre-let, with a further 20% in solicitors' hands. Despite the solar glare issue of the summer, occupiers have not been blinded to the efficiency and location of the building. We are close to resolving the issue and it will not delay occupation nor inflate budgeted cost. And, since March, we have committed to £691m of further developments in central London.

"We are maintaining our balance sheet discipline, basing our decisions on property fundamentals and remain confident in our strategy," said Chief Executive Robert Noel.

Results summary