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The scarcity of office space in Britain’s capital has resulted in the significant profits for the country’s largest real estate investment trust (REIT).
Land Securities PLC has posted a 15 percent rise in full-year pretax profit as well as a double digit rise in its net asset value.
The REIT has announced that it is now looking for projects under development so that it can continue to profit from the lack of Grade A office space in London.
“We remain of the view that our markets are in recovery mode and we see particularly strong growth prospects in London over the next few years,” said Chief Executive Francis Salway.
“We may continue to see ripples in prices, but we go into the new financial year confident in our plans and well positioned to address growth opportunities.”
Land Securities is currently developing the building that has been dubbed the Walkie Talkie on 20 Fenchurch Street. It is due to be completed in 2014 and it is said that already the City of London is considering acquiring office space in the building.
Shares in Land Securities’ biggest rival, British Land, also benefitted from the slowly recovering British property market, experiencing a climb of 5.8 percent.
Meanwhile, British Land’s development, the Cheesegrater, also due for completion in 2014, has confirmed its first tenant. US insurance giant Aon has pre-let 191,000 square feet of the 610,000 square foot building.
The 47-storey 736 foot building is due to become one of London’s tallest buidings when it is completed, and is one of a number of ongoing projects in the capital, where office space is among the most expensive in the world.
Also due for completion in 2014 is the Shard, which is will be the tallest building in the EU when finished.