Developer reports higher demand

LAND Securities Group has reported a 20 per cent rise in half-year adjusted net asset value from a year earlier, helped by buoyant demand for its commercial spaces.

By The Newsroom

Published 11th Nov 2014, 08:56 BST

The builder of London’s “Walkie Talkie” skyscraper said adjusted net asset value - a key measure for developers - was 1,129 pence for the first half ended September 30. The company posted an adjusted NAV of 937 pence a year earlier. From the second half of last year, the adjusted NAV grew 11.5 percent, the company said.

“Extraordinary events aside, we do not expect to see a correction in the balance between supply and demand in London as we deliver our committed speculative schemes,” chief executive Robert Noel said in a statement.

Land Securities is the company behind Trinity Leeds, the landmark £350m shopping centre. Earlier this year, Trinity Leeds reported a strong boost to trading from the city’s hosting of The Grand Depart of the Tour de France.