Land Securities to appoint new CEO

Land Securities’ current chief executive Francis Salway, 54, will step down on March 31.

The company’s third-quarter trading statement marked steady progress in difficult economic conditions.

“The business enters 2012 well positioned with high quality assets, a strong balance sheet and an excellent team,” Mr Noel said.

Land Securities signed £7.1m of lettings in the last quarter of 2011 and voids in the portfolio were 3.1 per cent versus 3.3 per cent the previous quarter.

It also signed a new £1.05bn credit facility.

Lettings were taking longer to complete due to the global economic uncertainty, Mr Salway said.

Together with Canary Wharf Group, majority owned by Songbird Estates, Land Securities is developing the 38-storey Walkie Talkie skyscraper in London’s City financial district but it has no major letting to lower the scheme’s financial risk.

Last week, the London property market received a major blow as two schemes stalled due to a lack of a pre-let agreement.