Land Securities makes good start to the year

22nd Jul 2015 08:48

(ShareCast News) - Land Securities has had a solid start to the year and is maintaining good momentum, with healthy take-up in London, low vacancy rates and rental values rising.In an interim statement for the first quarter, Land Securities said it sold £59m of properties in the first quarter, while the transformation in its retail portfolio is continuing to pay off, with footfall at shopping centres up 2.5%, same-store sales up 3.8% and same-centre sales up 5.4% on the same quarter last year.The company said the redevelopment of Westgate, Oxford, is progressing to plan with good leasing interest in the scheme, which is now 35.4% pre-let or in solicitors' hands two years before opening.Land Securities has carried out £10.5m of development lettings in London since 1 April, with a further £7m in solicitors' hands, representing a total of 322,000 sq ft.