Land Securities sees continuing recovery

18th May 2011 08:20

Property giant Land Securities posted a sharp rise in profits and net asset value in the year to 31 March and predicted continued growth as the recovery proceeds. Pre-tax profits climbed to £1.227bn from £1.069bn the previous year, while the net asset value per share was up to 885p from 750p. Properties owned by Land Securities include the famous Piccadilly Lights in London and the Bridges shopping centre in Sunderland."We remain of the view that our markets are in recovery mode and we see particularly strong growth prospects in London over the next few years," chief executive Francis Salway said. "We may continue to see ripples in prices, but we go into the new financial year confident in our plans and well positioned to address growth opportunities."He said that the company has benefited from its London focus, with 43% of its assets in central London offices and 61% in Greater London as a whole.In retail, vacancy rates have remained at high levels in high streets and smaller towns, but shopping centres that dominate regions have seen vacancies declining, a trend that is likely to continue, he said.---RG