| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Land Securities to cut exposure to hotel, leisure and retail park sectors
StockMarketWire.com
|
Commercial property investor Land Securities said it would cut its exposure to the hotel, leisure and retail park sectors as part of a strategy overhaul.
Landsec said its exposure to those sectors was subscale, it lacked a competitive advantage in them and that it would dispose of associated assets 'over time'.
Among other moves, Landsec said it would 'optimise' its central London portfolio 'with clear potential to recycle capital out of some assets and reinvest into new growth opportunities'.
In the retail space, the company noted that regional shopping centres had been most impacted by the emergence of online shopping, though these represented only 13% of its portfolio.
Landsec said it would 'reimagine' its retail business. 'Our outlets portfolio continues to have good growth potential,' it said. 'However, there is an opportunity for a significant reimagining of the model within our six regional shopping centres.'
Chief executive Mark Allen said the company's new strategy would make the most of its strengths and position the business for growth.
'It will build on existing areas of competitive advantage,' he said. "It will position the business to benefit from long-term macro trends. And it will be built around a clear, authentic purpose so that it delivers value not just for shareholders but for all stakeholders."
At 1:21pm: (LON:LAND) Land Securities Group PLC share price was +8.95p at 534.15p
Story provided by StockMarketWire.com
|
|
|
|
|
|
