Latest news with #MarkAllan
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.
Reuters
16-05-2025
- Business
- Reuters
UK's Landsec's property valuations miss expectations, bets on retail growth
May 16 (Reuters) - Land Securities' (LAND.L), opens new tab 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. ($1 = 0.7519 pounds)
Yahoo
27-01-2025
- Business
- Yahoo
Lloyd's syndicate Ki becomes stand-alone entity within Fairfax Group
Lloyd's algorithmic digital follow platform Ki has completed the separation from its parent company to become a stand-alone entity within Fairfax Group, effective from 1 January 2025. The news was first reported in December 2024. Ki was launched by Brit in 2020 and began underwriting as Syndicate 1618 in 2021. In 2024, the entity reported more than $1bn in gross written premium. As an independent company, Ki will continue to focus on its aim of becoming a digital and data-driven specialty insurance business, while also helping to make Lloyd's the most 'efficient' marketplace for specialty insurance globally. Asta Managing Agency has been named as its managing agent to support its independent operations. The restructuring of corporate framework will not affect its interactions with brokers or its business operations, Ki stated. In 2020, Fairfax Financial and funds managed by Blackstone Tactical Opportunities invested $500m to support Ki's growth. Both Blackstone and Fairfax will remain shareholders in Ki. Ki CEO Mark Allan commented: 'In the space of four years, we have seen real momentum build behind our business model and we have now reached the scale to become stand-alone. 'As Ki embarks on the next chapter of its growth, our autonomy, alongside the partnership with Asta, will enable us to focus on expanding our support of our partner brokers and accelerating the development of our algorithmic underwriting capabilities. 'As a stand-alone company within Fairfax, we will be even better placed to achieve our potential and we are excited by the opportunity to further innovate in our offering to brokers and clients in years to come.' Asta CEO Lorraine Harfitt said: 'Asta's independent third-party platform allows us to focus exclusively on delivering for our clients, helping them achieve their strategic ambitions. 'Working with Ki on this significant transition to Asta hosting Syndicate 1618 underscores our commitment to fostering innovation and evolution in the market.' "Lloyd's syndicate Ki becomes stand-alone entity within Fairfax Group " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
