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Landsec swings back into profit as office working resumes
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One of Britain’s biggest property firms, Land Securities, has swung to a half-year profit, helped by a recovery in central London office rents as many people have returned to their workplaces, at least some of the time.
The Bluewater owner said the reopening of retail and a revival in office working had driven the first rise in the value of its property portfolio in five years. It rose by £81m, or 0.8%, to £11bn in the six months to 30 September.
LandSec’s portfolio is 70% made up of central London property, mostly offices such as Deutsche Bank’s London headquarters and an office complex near St Paul’s Cathedral, but also includes shops and Piccadilly Lights, the huge LED advertising screen in Piccadilly Circus and the property behind it.
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