LandSec, the UK’s largest commercial property group, has reported a 5.2% rise in underlying profit to £203m during the first half of its financial year, but warned that Brexit negotiations were beginning to take a toll on the British economy.
The group posted a 0.5% fall in the valuation of its like-for-like portfolio, with London offices down 0.8% and retail down 0.4%. Adjusted diluted net asset value was up 1% to 1432p and adjusted diluted earnings per share was up 6%, aided by the Landsec’s refinancing activity.The group declared a dividend of 18.7p per share, up 10.1% on last year.
Robert Noel, chief executive of LandSec, said the company has seen its highest levels of leasing activity since the global financial crisis, with its most being deal with Deutsche Bank for 469,000 sq ft of space at 21 Moorfields in the City.
However, Noel added a Brexit warning: “The headwinds of Brexit are beginning to show in the economy. However, our balance sheet is healthy and we have the talent, firepower and experience to thrive.”
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