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    LAND   GB00BYW0PQ60

LAND SECURITIES GROUP PLC

(LAND)
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UK's Landsec sells two retail parks as it restructures business

09/24/2021 | 03:42am EDT

Sept 24 (Reuters) - Commercial landlord Land Securities said on Friday it sold two retail parks for 54.3 million pounds ($74.42 million), as part of a plan to exit non-core businesses as the pandemic reshapes the sector.

Commercial landlords are shoring up finances after having underperformed the wider real estate sector as multiple lockdowns and an extended moratorium on rent collection disrupted the income streams, particularly of their retail-focused assets.

"Retail parks represent a subscale sector for us and a clear opportunity to realise capital that can be better deployed in areas where we have a competitive advantage such as central London and urban mixed-use regeneration projects," Phillip Davies, Land Securities' head of investment, said in an emailed statement.

The FTSE 100 firm, one of Britain's biggest commercial landlords, sold Derwent Howe Retail Park in Workington, Cumbria and Blackpool Retail Park to Supermarket Income REIT and Columbia Threadneedle, respectively.

Land Securities, which counts office space as its biggest segment, has seven retail parks remaining in its portfolio following the disposals.

Retail parks stand to attract better valuations as they have been relatively resilient during the COVID-19 pandemic, partly because essential retailers were allowed to operate during the lockdown from these parks that also provide for drive-in and open-air shopping experiences.

In April, mall operator Hammerson Plc exited the UK retail parks sector, selling seven retail parks to Canadian private-equity firm Brookfield Asset Management for 330 million pounds. ($1 = 0.7296 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. 0.94% 76.17 Delayed Quote.43.41%
HAMMERSON PLC -0.06% 32.4 Delayed Quote.30.34%
LAND SECURITIES GROUP PLC -0.68% 675.8 Delayed Quote.0.30%
SUPERMARKET INCOME REIT PLC -0.17% 119 Delayed Quote.11.74%
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Financials
Sales 2022 528 M 726 M 726 M
Net income 2022 52,9 M 72,8 M 72,8 M
Net Debt 2022 3 307 M 4 552 M 4 552 M
P/E ratio 2022 14,7x
Yield 2022 4,82%
Capitalization 5 003 M 6 892 M 6 886 M
EV / Sales 2022 15,7x
EV / Sales 2023 15,0x
Nbr of Employees 530
Free-Float 97,8%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 675,80 GBX
Average target price 766,53 GBX
Spread / Average Target 13,4%
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Managers and Directors
Mark Christopher Allan Chief Executive Officer & Director
Vanessa Kate Simms Chief Financial Officer & Executive Director
Cressida Hogg Non-Executive Chairman
Nick de Mestre Managing Director-Strategy, Research & Innovation
Colette O'Shea Chief Operating Officer & Executive Director
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