Land Securities : LAND – Q3 statement

LAND’s Q3 statement does not include a new NAV – they only value their properties twice a year – but it does states they have signed £7.3m of lettings in new developments and have a further £7.9m of lettings in solicitors’ hands. LAND have started £243m of new developments at 1 New Street Square and 20 Eastbourne Terrace and have had positive planning decisions at Ealing Filmworks and White Rose, Leeds. Group loan-to-value ratio was 34.6% at end December (based on end September valuations) as they helped finance their expenditure in the quarter by selling £428m of property. At 20 Fenchurch Street (the “walkie-talkie”) they have pre-let 64% of the business and are submitting a planning application to fix the solar glare problem.

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