May 15, 2018
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Landsec appoints new chairman as business booms

May 15, 2018

Despite the economic uncertainty ahead of Brexit, commercial property company Landsec said the year to end of March 2018 was one of its “best years for leasing space” as it announced its preliminary results on Tuesday.

Westgate Oxford opened in October last year - Photo: Landsec

The company owns major UK shopping centres such as the recently opened Westgate Oxford, Bluewater in Kent, Trinity Leeds and St David’s, as well as a diverse mix of retail spaces and offices across the rest of the country.

The results revealed a successful year for the company following the opening of its newest shopping mall in Oxford, which launched in October 2017 with an ambitious sustainable agenda. Landsec said Westgate Oxford is now 96% let or in solicitors’ hands, with the line-up including a much-anticipated John Lewis flagship store.

During the year, the company also acquired three new outlet destinations for £333m and launched an online shopping trial with over one million items for Bluewater.

Revenue for the year increased 6.3% to £406m, and adjusted diluted earnings per share rose by 9.9% to 53.1p. adjusted diluted earnings per share rose by 9.9% to 53.1p.

In addition to its financial results, Landsec announced the appointment of Cressida Hogg as non-executive chairman. She will succeed Alison Carnwath who will retire from the Board on 12 July 2018.

Hogg has been a member of the Landsec board since 2014 and was chosen as chairman for her wealth of relevant experience as a business leader and investor. During her career she has built and developed businesses both in the UK and globally at companies including JP Morgan, 3i Infrastructure plc and Canada Pension Fund Investment Board.

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