Landsec has revealed that it will look to London to grow the business post-Covid while disposing of hotels, leisure assets and retail parks.
The company revealed four “strategic priorities” for the business ahead of a capital markets day today for analysts and investors.
These included betting on London post-Covid, where the business said its portfolio represents a “good source of liquidity over time”, and it will look to “reinvest into new growth opportunities” in the city.
These opportunities include investing in mixed-use opportunities, and Landsec said it could also look to other major UK cities for new opportunities.
Another priority was to dispose of its “subscale sectors”, which are hotels, leisure and retail parks, over time, as the business has “little or no competitive advantage” in them.
Landsec also said there is an opportunity for “significant reimagining” of its six regional shopping centres, and said its suburban shopping centres offer “significant repurposing potential”.
Chief executive Mark Allan said: “Today we are setting out a strategy that makes the most of Landsec’s strengths and positions the business for growth. It will build on existing areas of competitive advantage.
“It will position the business to benefit from long-term macro trends. And it will be built around a clear, authentic purpose so that it delivers value not just for shareholders but for all stakeholders.”
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