land securities group plc (LSU) Snapshot

Land Securities Group plc (LSE:LAND) is planning to sell two large buildings for £312 million.

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.