Latest news with #Landsec
Fashion Network
22-05-2025
- Business
- Fashion Network
Charles Tyrwhitt to relocate HQ to major Landsec London development
Charles Tyrwhitt's nerve centre is on the move. The British menswear brand is to relocate its head office to the Landsec-owned The Forge in Bankside, London. The retail group will move its 240-strong head office team into an 18,680 sq ft space with a relocation that marks 'a significant strategic shift for the brand, aligning its workplace with long-term environmental goals and evolving ways of working'. CEO Luke Kingsnorth said: 'The Forge is the perfect fit for the future of Charles Tyrwhitt - combining sustainability, design excellence and an unbeatable location fits perfectly with our culture and values. 'Relocating our head office here supports both our ambition to provide an outstanding workplace for our people and environmental commitments.' Oliver Knight, head of Workplace at Landsec, added: '[Our] latest lettings, led by Charles Tyrwhitt's head office relocation, highlight the growing importance organisations place on net zero buildings that support long-term environmental goals while providing an exceptional working environment.' The Charles Tyrwhitt business, meanwhile, is in expansion mode. Earlier this year, its co-founder Nicholas said the retailer would be investing overseas, naming the US, Germany, Australia, France, Sweden as key target markets. He said the long-term plan is to open 10 stores a year, from a base of 52 units currently.
Fashion Network
21-05-2025
- Business
- Fashion Network
Charles Tyrwhitt to relocate HQ to major Landsec London development
Charles Tyrwhitt's nerve centre is on the move. The British menswear brand is to relocate its head office to the Landsec-owned The Forge in Bankside, London. The retail group will move its 240-strong head office team into an 18,680 sq ft space with a relocation that marks 'a significant strategic shift for the brand, aligning its workplace with long-term environmental goals and evolving ways of working'. CEO Luke Kingsnorth said: 'The Forge is the perfect fit for the future of Charles Tyrwhitt - combining sustainability, design excellence and an unbeatable location fits perfectly with our culture and values. 'Relocating our head office here supports both our ambition to provide an outstanding workplace for our people and environmental commitments.' Oliver Knight, head of Workplace at Landsec, added: '[Our] latest lettings, led by Charles Tyrwhitt's head office relocation, highlight the growing importance organisations place on net zero buildings that support long-term environmental goals while providing an exceptional working environment.' The Charles Tyrwhitt business, meanwhile, is in expansion mode. Earlier this year, its co-founder Nicholas said the retailer would be investing overseas, naming the US, Germany, Australia, France, Sweden as key target markets. He said the long-term plan is to open 10 stores a year, from a base of 52 units currently.
Time of India
17-05-2025
- Business
- Time of India
UK's Landsec's property valuations miss expectations, bets on retail growth
BENGALURU: Land Securities ' overall annual property valuations slightly missed expectations on Friday, and the British commercial landlord said it plans to invest more in retail properties as store chains are expanding in premium locations. The company has been shedding non-core assets as growth in office space remains weaker in comparison to retail and residential counterparts after the pandemic. CEO Mark Allan called the company's retail segment the "strongest performing part" of its portfolio, and said he expects the firm to benefit from retailers renting space in premium shopping centres and malls. "Retailers have to be in locations where consumers are spending money and that's what's driving the trend for fewer, better, bigger stores in the very best locations that has been underway for some time now," Allan said in a media call. Landsec plans to invest more in its retail and residential property assets over the next few years, and recently acquired one of the UK's premier shopping centres, Liverpool ONE. Landsec's EPRA net tangible assets - an industry measure that represents the value of its buildings - stood at 874 pence per share as of the end of March, below expectations of 890 pence, as per a company-compiled poll. Its shares were down 1.7% by 0849 GMT. Analysts at JPMorgan said that while the company is growing, the brokerage expects some low single digit percentage adjustments down in market expectations for fiscal 2026 following the small miss in property valuations. Landsec expects rental values for office properties to continue to grow at a broadly similar rate this year as they did last, citing "modest" supply across London. Pre-tax profit for the year ended March 31 came to 393 million pounds ($523.8 million), compared to a loss of 341 million pounds last year.
Business Mayor
16-05-2025
- Business
- Business Mayor
Landsec says London office rents rising quickly as it plots £2bn in sales
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Commercial landlord Land Securities says London office rents are rising quickly, with property valuations steady, as it prepares to sell £2bn of office blocks to fund a pivot into residential property. The FTSE 100 landlord reported net rental income growth of 6.6 per cent in the year to March, on a like-for-like basis, across its £6.7bn central London portfolio of mostly City and West End offices. 'In London, office utilisation across our portfolio continues to grow,' Landsec chief executive Mark Allan said. 'In the near future, new supply across London is modest, so we expect our rental values this year to continue to grow at a broadly similar rate.' Allan faces a daunting task to sell about £2bn of office blocks over five years to generate cash to buy and build thousands of homes, which he sees as a more attractive investment generating steady income. He said he expected these sales to start in 2026. Office dealmaking remains at the lowest level since the global financial crisis, with very little liquidity for blocks worth more than £100mn. Deal volumes fell 18 per cent across Europe in the first quarter, according to data group MSCI, as a recovery in the wider commercial property transaction market stalled. Investors have been wary of buying office buildings since the pandemic and the rise of hybrid working, while the post-Covid rise in interest rates slashed property values across the sector. 'Offices are in an investment market trading vacuum [above] £100mn, so portfolio valuations are more subjective,' Jefferies analyst Mike Prew said in a note ahead of Landsec's report. He warned that the pivot into residential 'could be slow to execute organically'. Landsec share were down about 2 per cent in early London trading. Allan cited recent joint venture deals by Norway's oil fund with Grosvenor and Shaftesbury Capital as examples of investors looking to 'acquire really scarce real estate in central London at a really attractive point in the cycle if you look at it on a long-term basis'. Landsec said its £10.9bn portfolio, which also includes major shopping centres and a mix of other properties, increased in value by 1.1 per cent in the year to March, according to an independent valuation. This continues a slow improvement in property values after a brutal two years during which prices fell about 25 per cent on average across Europe, according to Green Street analysts. Allan is also making a big bet on the top tier of shopping centres — with large deals at Liverpool One and Bluewater last year. He argues these properties have strong demand from retailers but no new construction. Landsec swung from a loss of £341mn in 2024 to a pre-tax profit of £393mn in 2025, driven by the rising property valuations.
Fashion United
15-05-2025
- Business
- Fashion United
House of CB to open second UK store in Liverpool
House of CB is set to open its first UK store outside of London. The British womenswear brand is preparing to enter the city of Liverpool with a 6,500 square foot space scheduled to open in Liverpool One. The brand, which already boasts a large social media presence, was chosen as a means to 'add diversity to Liverpool One's occasion-wear offer', the shopping district's landlord, Landsec, said in a release. Commenting on the news, the firm's director of asset management, Rob Deacon, said: 'Bringing with it an online follower base of millions, House of CB's new store will provide just that, introducing its internationally acclaimed fashion to the city as it expands its presence in physical retail. 'The store will complement our one-of-a-kind line-up of leading fashion retailers, providing even more unique reasons to visit Liverpool One.' House of CB opened its first permanent retail store in 2024 on London's Oxford Street, following the success of a pop-up space that it had operated in 2023. The location added to its existing standalone stores in the US, in Los Angeles and Atlanta, as well as its concession in Selfridges.
