Land Securities Group PLC (LON:LAND) (“Landsec”) will host a tour of its development opportunities in Southwark at 3pm today. During the event, the Company will provide the following operational and development update on its Central London portfolio, a key pillar of the Company’s growth strategy:
Operational momentum continues within the Central London portfolio
– £20.8m of rent signed or in solicitors’ hands since 1 April 2022, on average 4% ahead of March 2022 ERV
– Office occupancy now 95.5% compared with 95.3% at 31 March 2022
Continued interest in our committed developments
– Further leasing progress with £5.9m of lettings in solicitors’ hands 10% ahead of ERV
– Four committed development schemes now 63% pre-let or in solicitors’ hands (May 2022: 56%)
Landsec’s tour of Southwark will aim to give investors a comprehensive overview of what is a growing part of London. Landsec has four existing or potential developments in Southwark – Timber Square, The Forge, Liberty of Southwark and Red Lion Court – together forming a 1 million sq ft green office cluster in the heart of Central London.
Mark Allan, Land Securities Group Chief Executive, said: “Operational momentum within our Central London portfolio and healthy interest in our committed developments support our confidence in the outlook for the central London office market, even in the face of what is a challenging economic and geopolitical environment. Southwark is an area of London with strong growth potential and will be a great home for the 1 million square foot green office cluster that we’re developing. We’re very much looking forward to hosting investors on a tour of the area later today.”
