When Land Securities (LAND) releases half-year figures on Tuesday, investors will be keen to see how much progress has been made in overhauling its shopping centre portfolio. Some of the proceeds from recent disposals - the latest being the £267m sale of its Bristol Partnership stake - have been reinvested in a 30 per cent stake in the Bluewater Kent shopping mall. Last month this stake was increased after the group acquired a small portion of Lend Lease Retail Partnership, which has a 25 per cent stake in Bluewater.
The company remains bullish on the London office market, where growing demand and restricted supply should underpin rental growth for at least a couple of years. Its main focus remains on delivering and leasing the £2.1bn development programme. Recent developments have been let on strong terms: 20 Fenchurch Street, for example, is now virtually fully let at an average of £63 per sq ft, with an average lease length of 17 years to the first break.
