Land Securities has continued to make profit during its last quarter whilst opening a host of top retailers at its four Scottish shopping centres, despite the uncertain economic climate.

 

Chief Executive Francis Salway said the company had completed a number of development lettings, and further reduced void levels on its portfolio.

 

 "Having refinanced over s1bn of our bank facilities, we are well placed with long average duration of debt, moderate balance sheet gearing and the capacity to invest.

 

 "We expect the economic uncertainty to continue in the near term, but we remain confident of our ability to withstand economic fluctuations and to take advantage of opportunities that may arise from the scarcity of bank funding."

 

In Scotland, it has continued to see a influx of lettings despite the weak economy in the UK.  Land Securities portfolio manager for Scotland, Katherine Armstead, said: “In recent months, Land Securities has continued to attract leading brands to its Scottish portfolio, considerably strengthening our retail offer north of the border."

 

The newest additions to the the largest commercial property company in the UK include Food retailer Eat and make-up boutique Bare Minerals, who joined the Buchanan Galleries in Glasgow in 2011. Land Securites' newest Scottish centre, Overgate in Dundee welcomed stationary retailer Paperchase as its latest addition, whilst renewed leases with Next, Argos and Claire's Accessories have also be secured. 

 

These reports come just a week since Land Securities announced its chief executive officer Francis Salway would step down from his position to be replaced by Robert Noel.