One of Britain’s largest listed property companies is preparing £3bn of developments to start after Brexit — but only in the event of a “good deal”.
Landsec, which has been cautious on new developments since 2014 and halted speculative development after the referendum, said it planned to build more than 1,700 homes and develop £2bn of primarily speculative office developments in London.
The FTSE 100 developer, which owns Trinity Leeds and Gunwharf Quays in Portsmouth, said on Tuesday it had pushed up pre-tax profits for the six months to September to £42m, from £34m a year earlier, driven by a rise in net rental income and lower borrowing costs.
The rise came despite a drop in asset values: the company’s portfolio shed £188m, or 1.4%, in the six months to £14bn.
