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Business News

Landsecs scheme steams ahead


Land Securities will update the market, in its interim results this week, on leasing at its Trinity Leeds retail scheme, which is currently more than 60 per cent let.

The FTSE 100 property giant wants to see this rise to 70 per cent by early next year, and has already signed up Apple, Hollister and a Conran restaurant among other high street names.

Land Securities, run by Francis Salway, its chief executive, and Alison Carnwath, its chairman, is launching a national short film competition – "2.8 Days Later" – in Leeds later this month. Covering one million square feet, the Trinity Leeds scheme will open its doors in 2013 and is one of only a handful of retail developments currently being built.

Analysts at Evolution said they expected Land Securities' 826p March net asset value to rise to 865p a share this time: "We can see the 19 per cent discount [to net asset value] attracting more buyers than sellers on the day [of the results]."