Land Securities sees 'dramatic turnaround'

19th May 2010 07:20

A "dramatic turnaround" in the UK commercial property market saw Land Securities swing strongly back into the black last year with a big increase in the value of its portfolio compared to last year's write-downs.In the year to March, the value of Land Securities' investment properties increased by £863m, or 10.3%, to £9.5bn with shareholders' adjusted diluted net assets up by 16.5%. Basic net asset value rose by 17% to 750p. Profits came in at £1.06bn against a loss of £4.77bn."We have an unrivalled pipeline of potential projects in our London Portfolio, with over 110,000 sq m of developments already underway and up to a further 400,000 sq m of development and refurbishment opportunities. In retail we have plans aligned to the ongoing evolution in the sector and, through a focus on leasing and delivering occupier led developments, we will drive growth in capital values," chief executive Francis Salway said. "We maintain our view that property values will rise over the next five years but, with the likelihood of volatility in consumer spending and business investment, the path may not always be smooth," he added.The dividend is 28p, down 46% from last time.