Trinity Leeds: Landsec 'on site' with new social eating destination
Real estate giant Landsec has confirmed it is working on £32m of smaller retail projects including a new social eating destination at Trinity Leeds shopping centre
Landsec told investors these smaller retail projects are expected to generate highly accretive, low double-digit yields on cost.
In the half year ended 30 September 2026, Landsec said its IFRS (International Financial Reporting Standards) profit before tax was up to £243m, from £98m in the same period the year before.
Mark Allan, Chief Executive of Landsec, commented: “We have continued to deliver on our strategic objectives over the past six months, strengthening our positioning for a higher inflation, higher rate environment.
"As a result, we have further improved our near-term EPS (Earnings Per Share) growth outlook, our medium-term income growth potential, and our strong capital base.
“In a more uncertain world, the characteristics of our earnings matter. We own scarce, prime real estate assets where customer demand is concentrating.
"Those assets are already generating strong rental growth, with significant further income growth embedded in our portfolio. Combined with our long-dated financing, efficient cost base, and substantially completed development capex, that gives us both resilience today and visibility on an acceleration in EPS growth ahead.”
Commenting on its pipeline, Landsec said: “Based on our capital allocation framework, investment in major retail destinations remains most attractive in our view, both from a near as well as medium term impact on income and EPS. As such, we do not plan to commit any meaningful balance sheet capital to new development for the next c. 18 months.”
The interim dividend was up 2.1 per cent to 19.4 pence, Landsec said.
It also raised £500m new equity after the period-end to fund the £611m acquisitions of Metrocentre and a further stake in Bluewater, “increasing near-term EPS growth and medium-term income growth potential”.