Land Securities Group PLC

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Skanska wins £282m contract for 55 Old Broad Street project in London

Skanska has secured a £282 million contract to deliver the 55 Old Broad Street office project in London. The agreement was signed with private equity real estate firm AshbyCapital, and the project will be reflected in Skanska's European order bookings in the second quarter of 2026. The development includes a 23-storey office building offering approximately 25,000 square metres of office space, plus 1,400 square metres for food, retail, and public areas, along with refurbishment of the adjacent 65 Old Broad Street and the Grade II-listed Bishopsgate Victorian Bath House. Construction is scheduled to start in October 2026 and finish in late 2029, with Landsec remaining as development manager after selling the site to AshbyCapital. The fully electric building will target NABERS five-star and BREEAM Outstanding certifications, powered by air-source heat pumps and renewable electricity.

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World Construction Network·80dRead more →

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Segro bid rejection lifts FTSE 100 as gold and oil sink

The FTSE 100 closed higher on Wednesday, lifted by a surge in property stocks after Segro rejected a £12.6 billion takeover proposal from US logistics giant Prologis. Segro shares jumped 17%, sparking gains across the sector, with Tritax Big Box REIT up 6.4% and British Land and Land Securities both up 4.1%. Housebuilders also advanced, with Barratt Redrow and Persimmon rising 6.6% and 5.8% respectively, supported by a further fall in UK bond yields and Berkeley Group's full-year profit slightly ahead of guidance. The gains offset a slump in mining and energy stocks as gold fell to $4,014.40 an ounce and Brent crude slipped below $75 a barrel for the first time since the start of the Middle East war, dragging BP down 3.7% and Shell down 1.9%. The FTSE 100 closed up 32.78 points, or 0.3%, at 10,461.63, while the FTSE 250 added 0.8% and the AIM All-Share fell 0.7%.

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Alliance News·86dRead more →

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TG Jones asks suppliers to wait six months for payment in restructuring plan

TG Jones, the former WH Smith high street stores now owned by Modella, has told major suppliers including Condé Nast, Ferrero, and Lonely Planet that they must wait six months to recoup any money owed, after which repayments will be made in equal monthly instalments over a year. The move is part of a complex financial restructuring plan led by consultants at Teneo, which also proposes shutting up to 150 stores, paying no rent for three years on more than 120 stores, and cutting rents on hundreds of others by between 15% and 75%. Retail sources warn the payment delay risks leaving shelves half-stocked as frustrated suppliers may sever contracts or demand upfront payment, while Modella has sweetened terms for landlords by offering a 50% share of upside if combined annual turnover reaches £40 million over three years, down from a previous £47.5 million threshold. A High Court judge will consider the plan on June 29, with creditors set to vote beforehand, though an alliance of large institutional landlords including Landsec, M&G, and NewRiver REIT has filed a notice of objection.

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The Telegraph·90dRead more →

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Landsec Faces Mixed Analyst Targets After Earnings Outlook Update

Land Securities Group issued earnings guidance projecting stable EPRA EPS for fiscal 2027 versus 2026, followed by high single-digit growth in 2028 and a potential 62 pence by 2030. The board recommended a final dividend of 22.2 pence per share, bringing the total for the year to 41.2 pence, and announced a 192,000 square foot lease with bp at the Ink building in Timber Square. Analyst reactions were mixed, with Goldman Sachs turning more positive while JPMorgan trimmed its price target to 705 GBp and kept a Neutral rating, and Citi reduced its target by 23 GBp. Consensus fair value held at £7.05 with only a slight upward adjustment, as revenue decline assumptions widened to 4.95% and net profit margin estimates were cut to 86.32%.

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Simply Wall St·94dRead more →