Back in black: Bluewater owner Landsec swings to £275m half-year profit
Bluewater shopping centre owner Land Securities has revealed it swung to a half-year profit as the retail sector bounces back and workers return to offices thanks to the lifting of pandemic restrictions.
The group, also known as Landsec, posted a pre-tax profit of £275m for the six months to September 30, against losses of £835m a year earlier.
It said key retail rents were now reaching a stable point as the hard-hit sector recovers after a series of lockdowns, while office rents in prime London sites have proved “resilient”.
Landsec said it expects the rebound in office demand to continue for the rest of the year, with office use now at around 55% of pre-Covid levels, having increased “markedly” in the past couple of months.