Land Securities and its joint venture partner Canada Pension Plan Investment Board (CPPIB) have confirmed the commencement of the £768 million first phase of its Victoria Circle project, as part of the continued transformation of Victoria, in London's West End. The first phase, which totals 727,000 sq ft, offers 480,000 sq ft of efficient, high quality office accommodation, 80,000 sq ft of exciting retail/restaurant space and 170 luxury modern apartments within three architecturally striking buildings, at the heart of a new pedestrianized, landscaped public quarter. The comprehensive development of this 5.5 acre site directly opposite Victoria station will see the area change from being a central thoroughfare to an unparalleled destination in which to work, live and play.

Land Securities Group plc reported group earnings results for the year ended March 31, 2013. For the year, the company reported operating profit of £648.2 million against £645.1 million for the same period a year ago. Profit before tax was £533.0 million against £515.7 million for the same period a year ago. Profit was £533.0 million or 68.1 pence diluted per share against £523.7 million or 67.4 pence diluted per share for the same period a year ago. Group revenue was £736.6 million against £671.5 million for the same period a year ago. Net cash inflow from operations was £246.7 million against £254.1 million for the same period a year ago. Acquisition of investment properties and other investments was £243.9 million against £107.3 million for the same period a year ago. Net book value at 31 March 2013 was £9,651.9 million.

The Board of Land Securities Group plc has proposed a final quarterly dividend for the year ended March 31, 2013 of 7.6 pence per share, which will be 100% PID, to the extent it is paid in cash, and result in a further estimated distribution of £59.4 million. It will be paid on July 19, 2013 to shareholders who are on the Register of Members on June 21, 2013. The final dividend is in addition to the third quarterly interim dividend of 7.4 pence or £57.8 million paid on April 17, 2013. The total dividend paid and proposed in respect of the year ended March 31, 2013 is 29.8 pence. The company paid final dividend of 7.4 pence per share for 2012.