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Land Securities H1 adjusted NAV up 5.7 percent on strong London leasing

Reuters - UK Focus

LONDON, Nov 10 (Reuters) - Land Securities Group Plc , Britain's largest listed property developer, posted a 5.7 percent rise in first-half adjusted net asset value, after strong performance in its retail and London leasing businesses.

The company said on Tuesday its adjusted diluted net asset value - a key measure for developers as it reflects the value of their buildings - rose to 1,367 pence per share from 1,293 pence in the six months ended Sept. 30.

It (Other OTC: ITGL - news) increased its interim dividend by 3.2 percent to 16.3 pence per share.

Land Securities (LSE: LAND.L - news) also said it had agreed to let space in its Zig Zag office building in London's Victoria business district to Deutsche Bank (Other OTC: DBAGF - news) on a 15-year lease, in a sign of demand for its properties. The building is now 77 percent pre-let. (Reporting by Lisa Barrington, editing by Sinead Cruise)