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Land Securities demerger to proceed

Wednesday, 16 July 2008 12:00 AM

Land Securities has confirmed it is to continue plans to demerge, although the process will proceed only "when market conditions are favourable".

The organisation - the largest property development company in Europe - confirmed in its first quarter interim management statement, released today, it will continue to assess third party suitors for Trillium.

Trillium is a leading property-management business providing both outsourcing and public private partnerships.

"We have made good progress with our internal preparations for demerger, and implementation will be taken forward when market conditions are favourable," said Francis Salway, group chief executive of Land Securities.

In the shorter term the company presented a relatively impressive set of results in a challenging environment.

Land Securities sold £67.2 million of assets in its fiscal first quarter, which ended on June 30th.

The sales were just 0.2 per cent below original valuations made on March 31st.

Furthermore, new leases signed in the period will generate £5 million of rent a year.

"We remain well positioned with moderate gearing, proven leasing skills and limited development completions in London over the next two years," said Mr Salway.

"This gives us the confidence to progress planning applications for projects to be delivered in the next decade and also the flexibility to take advantage of opportunities which may arise."

Shares in Land Securities fell 0.78 per cent at 09:50 BST this morning, to 1,145 pence - largely due to a lack of timetable for a demerger to take place.

Chris O'Toole

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