Francis Salway, Land Securities’ Group Chief Executive, said the company is well placed in the current economic environment.

The UK’s largest property group Land Securities is set to make its next foray into the investment market with over £500 million under its belt.

The company, which posted strong third quarter results on Tuesday, profited from identifying the turn in the market and selling off property worth an estimated £2bn in 2007.

Sales were 5.6% higher than the group’s September 2007 valuation, and 4.7% above March 2007.

Other activities for the quarter included the completion of 22,100 sq m of development space and a third quarterly dividend of 16.0 pence.

The group said it is continuing plans to split its business into three areas – retail, central London offices and outsourcing arm Trillium.

Commenting on the third quarter, Francis Salway, Land Securities’ Group Chief Executive said: “Our successful performance is based on the effective management of our portfolio delivered in line with our long term view of the market. This means that, whilst our investment portfolio will not be immune from the general negative trends, we are well placed to run the business in the current environment and to exploit opportunities that may arise.
 
“In the quarter, we maintained our programme of property sales through the sale of good properties at good prices in line with our plans for the year.”

By Natasha Piscitelli