The commercial landlord posted a pre-tax profit of £275 million for the six months to September 30, against losses of £835 million a year earlier.
Many UK commercial landlords are looking to diversify into mixed-use properties and focus on higher-return opportunities as the pandemic erodes the valuations of retail and office spaces, and an extended moratorium on rent hurts their income streams. "Through this (Harbour Exchange) disposal, we are recycling capital into opportunities where we can bring to bear Landsec's skills and expertise to drive growth and returns for our investors," said Marcus Geddes, managing director, Central London, at Landsec.
Britain's Land Securities has announced its second acquisition in the mixed-use property sector in a week, betting on growing demand for sites that combine commercial and residential spaces in the wake of the COVID-19 pandemic. Landsec said on Wednesday it had bought a 75% stake in Greater Manchester-based MediaCity, the UK's biggest tech and media hub outside London, for $580 million. Many UK landlords are looking to diversify into mixed-use properties as the pandemic erodes the valuations of retail and office spaces.