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Landsec

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Landsec
Company typePublic limited company
LSE: LAND
FTSE 100 Component
IndustryProperty
Founded1944; 80 years ago (1944)
HeadquartersLondon, England, UK
Key people
Productsproperty development, property investment
RevenueIncrease £647 million (2022)[1]
Increase £416 million (2022)[1]
Increase £875 million (2022)[1]
Websitewww.landsec.com

Land Securities Group plc is the largest commercial property development and investment company in the United Kingdom. The firm became a real estate investment trust (REIT) when REITs were introduced in the United Kingdom in January 2007.[2] It is headquartered in London, England, and traded on the London Stock Exchange, and is a constituent of the FTSE 100 Index.[3]

History

The company traces its origins to 1944, when its founder Harold Samuel purchased Land Securities Investment Trust Limited, which owned three houses in Kensington and some government stock.[4] Further acquisitions followed shortly afterwards and from 1947 the company concentrated on commercial property.[4] In the early days some non-UK investments were acquired, but in 1971 these were sold off and the company decided to focus solely on the UK market.[4] The company name was changed to Land Securities plc in 1982.[4]

After buying Trillium in 2000,[5] in 2002 it formed a 50/50 joint venture company (Telereal Trillium) with William Pears Group (WPG) to buy the property portfolio of British Telecom:[6] after selling its shares in Telereal to WPG in 2007, Land Securities sold Trillium to WPG in 2009.[7]

On 31 March 2012, Francis Salway was succeeded as chief executive by Robert Noel. Noel was managing director of the company's London properties, having joined Land Securities in January 2010 from Great Portland Estates plc.[8]

On 12 June 2017, Land Securities rebranded as Landsec, although the registered company name remained Land Securities Group PLC.[9]

In 2019, Landsec launched a series of open plan offices under the brand "Myo". The first Myo office opened that year, at 123 Victoria Street, London, followed by the second Myo office, at Liverpool Street, in May 2021.[10]

In November 2020, amid the COVID-19 pandemic in the United Kingdom, Landsec announced plans to sell £4bn of assets in the next four to five years, including hotels, leisure properties and retail parks affected by pandemic.[11]

In November 2021, Landsec announced it was to acquire urban regeneration specialist U+I for £190 million.[12]

In December 2021, Landsec increased its 30% ownership in the Bluewater Shopping Centre by acquiring a further 25% share from Lendlease Retail Partnership for £172m. At the same time Landsec confirmed the sale of 25% of the newly acquired shares to M&G, one of Bluewater’s co-owners. Landsec’s overall share increased to 48.75%.[13][14]

Operations

100 Victoria Street, Cardinal Place photo
Cardinal Place, a development completed by Landsec in 2006

Landsec owns and manages more than 24,000,000 sq ft (2,200,000 m2) of commercial property, from London offices and high street shops to major shopping centres and out-of-town retail parks. At 31 March 2022 the company's property portfolio was valued at £12.2 billion.[1] The company owns the Piccadilly Lights in Piccadilly Circus in London.[15] It has also led Project Nova, the development of the area around London Victoria station.[16]

In 2010, Landsec purchased a number of tenement blocks in Victoria, central London, which had previously been used as a homeless shelter, and subsequently received multiple planning permissions for the site.[17][18][19] As of 2021, after the buildings had remained empty for over a decade, the company said it planned to convert the buildings into flats.[19]

Public engagement

On 8 May 2021, for World Ovarian Cancer Day, Landsec participated in the Cure our Ovarian Cancer Foundation's international awareness campaign. Their spot "An ad you can't miss, for a cancer you do", which shows 30 women who had been diagnosed with ovarian cancer, was screened at Piccadilly Circus, London, and Time Square, New York City.[20][21] The spot was a pro bono production by Topham Guerin with Landsec and JCDecaux sponsoring the screening space.[22]

References

  1. ^ a b c d "Annual Results 2022" (PDF). Landsec. Retrieved 14 February 2022.
  2. ^ "Land Sec. Group Plc Final Results". investegate.co.uk. 16 May 2007. Retrieved 23 June 2022.
  3. ^ "Company overview"
  4. ^ a b c d "The Land Securities story - Land Securities". landsecurities.com. Retrieved 16 March 2015.
  5. ^ "Land Securities agrees to buy Trillium". Daily Telegraph. 3 November 2000. Retrieved 28 February 2020.
  6. ^ BT selects Land Securities Trillium as preferred bidder for property portfolio BT Group, 10 April 2001
  7. ^ "Land Securities defends £750m Trillium sale". Daily Telegraph. 8 January 2009. Retrieved 28 February 2020.
  8. ^ "Land Securities CEO Salway Is to Step Down for London Manager Robert Noel". Bloomberg. 24 January 2012. Retrieved 12 November 2012.
  9. ^ "Land Securities, meet Landsec | Landsec". landsec.com. Archived from the original on 2 September 2017. Retrieved 23 June 2017.
  10. ^ Daniel, Alex (8 December 2020). "Landsec's flexible office brand set for Liverpool Street launch". www.egi.co.uk. Retrieved 24 August 2021.
  11. ^ Kollewe, Julia (10 November 2020). "Land Securities writes almost £1bn off property portfolio". Guardian. Retrieved 19 November 2020.
  12. ^ Morby, Aaron. "Landsec to buy rival U+I for £190m". Construction Enquirer. Retrieved 1 November 2021.
  13. ^ Bourke, Joanna (22 December 2021). "Landsec increases ownership of Bluewater centre in £172m deal, as retail rents stabilise". Evening Standard. Retrieved 22 September 2022.
  14. ^ Saker-Clark, Henry (22 December 2021). "Landsec increases stake in Bluewater shopping centre". Independent. Retrieved 29 September 2022.
  15. ^ "Hyundai in lights at London's Piccadilly Circus". Daily Telegraph. 29 September 2011. Retrieved 28 February 2020.
  16. ^ "Victoria's £2-billion transformation as its coach station becomes a cultural quarter with homes, shops and arts venues". Evening Standard. 20 August 2013. Retrieved 28 February 2020.
  17. ^ Booth, Robert (26 September 2017). "Developer leaves central London housing block empty for seven years". The Guardian. Retrieved 14 May 2022.
  18. ^ Cooper, Joe (29 September 2017). "New empty homes scandal in Westminster". Camden New Journal. Retrieved 14 May 2022.
  19. ^ a b Sheppard, Owen (1 March 2021). "'Disgust' at West London's multi-million homes that once housed homeless, left empty for 10 years". MyLondon. Retrieved 14 May 2022.
  20. ^ ""An Ad You Can't Miss, For A Cancer You Do" —World Ovarian Cancer Day On Saturday, May 8". OOH Today. 7 May 2021. Retrieved 20 April 2022.
  21. ^ "A Piccadilly Circus billboard is being taken over to raise awareness of ovarian cancer - this is why it matters". The Independent. 11 May 2021. Retrieved 20 April 2022.
  22. ^ Ryan, Rebecca (10 May 2021). "Cancer message gets huge billing". Otago Daily Times. Retrieved 20 April 2022.
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