One of the UK’s largest shopping centre owners Land Securities has increased profit by 3% to £329.1m, as its combined portfolio is valued at £14bn with a valuation surplus of 17.3%.
The company made profit before tax of £2.4bn for the year to March 31, up from £1.1bn during the previous year.
It said it has “transformed” its shopping centre portfolio by focusing more closely on properties that fit with its strategy, such as dominant regional malls, and selling those which do not. During the year it acquired a 30% stake in the Bluewater shopping centre and took full ownership of Buchanan Galleries in Glasgow, where it is working on expansion plans.
“We also committed to the redevelopment of Westgate, Oxford to provide a much-anticipated retail and leisure destination for the city,” said chief executive Robert Noel.
Over the next 18 months, it will be focusing on 1.8m sq ft of retail development opportunities including Westgate in Oxford, Buchanan Galleries in Glasgow and Ealing Filmworks.