LandSec reports 6.7% rise in NAV

Specialist retail developer Land Securities said it has recognised further opportunities in edge-of-town locations targeted by supermarkets and other retailers.

LandSec announced in its half year results, covering the six months between March this year and September 2010, it had achieved £11.7m of lettings within its retail portfolio during the period with a further £11m in solicitors' hands.

Francis Salway, chief executive, said: "Our close relationships with retailers have allowed us to continue to improve many of our shopping centres and retail parks through asset management initiatives. We have agreed two further lettings to John Lewis for their 'at home' format. They will take a 59,000 sq ft shop at our Greyhound retail park in Chester."

LandSec, which also owns St John's centre in Liverpool, said revenue profit was up 5.8% from £128.4m in March to £135.9m in September, and net debt had remained broadly unchanged during the six months, increasing by £12.4m to £3,275.8m.

LandSec said its net asset value increased 6.7% to 737p a share in the six months to 30 September.

Salway added: "We will continue to lead on speculative development in London to ensure we capture rental growth in a rising market. We will continue to secure substantial pre-lettings for our retail developments by tailoring our activities to meet the demands of successful growing retailers. And we will continue to increase occupancy levels, both to enhance the value of our assets and to boost earnings through higher rents and lower outgoings on vacant space. Through these actions, we will keep building our momentum as we move through the second half of the financial year and into 2011."