Nov 14, 2023 / 09:00AM GMT
Mark Christopher Allan - Land Securities Group Plc - CEO & Executive Director
Good morning, everyone. Welcome to the presentation of Landsecs' 2023 half year results.
Now it's been 3 years since we launched our new strategy based on 2 clear and simple principles: focus our resources where we have genuine and sustainable competitive advantage and maintain a strong balance sheet. Our consistent focus on these 2 principles means that we remain in excellent shape. 3 years ago, interest rates were at historic lows, liquidity was high, so property yields in many sectors were at or near all-time lows, but economic and financial market conditions have, of course, changed considerably since then. And 1 year ago, we set out a clear view that rates would likely remain higher for longer and that property values would need to adjust to that new reality.
And we acted on this early by selling GBP 1.4 billion of long-let offices last year, and that brought total disposals of mature offices and assets in subscale sectors since late 2020 to GBP 2.5 billion. As investment activity remains subdued, the
Half Year 2024 Land Securities Group PLC Earnings Call Transcript
Nov 14, 2023
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