Profits rise to £397m at Land Securities

Land Securities, the owners of the Bridges shopping centre in Sunderland, said a revaluation of its real estate base helped it boost half-year profits to £397.9m

The Bridges shopping centre in Sunderland
The Bridges shopping centre in Sunderland

Land Securities, the owners of the Bridges shopping centre in Sunderland, said a revaluation of its real estate base helped it boost half-year profits to £397.9m.

The firm, which has a portfolio of centres across the UK, more than trebled pre-tax profits in the six months ended September 30 2013, compared to the same period in 2012.

Gerald Jennings, Land Securities’ portfolio director responsible for the Bridges, said the firm was closely monitoring the centre to make sure it is creating and maintaining the right mix of tenants.

He said a series of events were also being planned, capitalising on the success of events including an after-hours student night, an indoor beach and a Sunderland International Airshow celebration.

Jennings said: “This hard work is paying off and earlier this year we welcomed Foot Locker, which further diversifies the high street brands within the centre.

“We’re also investing in an events programme to provide shoppers with even more reasons to visit the centre and additional platforms for retailers to interact with their target audiences.

The property company opened its latest shopping centre in Leeds in March and has plans for new retail schemes in Glasgow, Oxford and Guildford.

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