Insecure times for Land Secs

SHARE TIP: Land Securities (LAND)

January 30, 2009

by EleyJ

BULL POINTS:

■ Fat dividend yield

■ Status as sector bellwether

BEAR POINTS:

■ Continuing deterioration of commercial property market

■ Sale of Trillium does not rule out rights issue

■ Net asset value almost certain to fall further

■ May not have enough cash to keep lenders happy

IC TIP: Sell at 674p

There was a collective shudder across the commercial property industry last week when Land Securities, the sector bellwether and the UK's largest real-estate investment trust (Reit), put out a grisly third-quarter trading statement.

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