Land Securities CEO Expects Banks To Sell More Buildings

21st Jul 2010 08:59

LONDON (Dow Jones)--The U.K.'s largest real estate investment trust, Land Securities Group PLC (LAND.LN), expects more properties for sale by banks from the summer of next year, Chief Executive Francis Salway said Wednesday. Salway said that more assets will be brought forward by banks and that he expects to take advantage of the opportunities although he recognizes that many of the assets will be too small or will not fit the company's portfolio. Banks so far have been assessing their positions and undertaking ground work, including the formulation of plans and strategies, but Salway believes that they are ready for the next step. In the meantime, Salway is moving forward with the development pipeline of Land Securities, which includes developments in the west-end of London, as well as the first shopping center development, Trinity Leeds, since the recession hit landlords. The project will cost GBP350 million. The CEO has also confirmed that he is talking to "a potential partner" to restart building work on London City's 'Walkie Talkie' tower at 20 Fenchurch Street, which was halted in the recession. The scheme should start in January next year and be completed by 2014. -By Anita Likus, Dow Jones Newswires; +44 20 7842 9407; [email protected] (END) Dow Jones Newswires July 21, 2010 03:59 ET (07:59 GMT)