SpaceandPeople, the Glasgow-based company which rents out space in shopping centres for companies to advertise their products and services, has announced a significant expansion of a deal with commercial property giant Landsec.
Landsec, which owns and operates 15 shopping centres and 33 retail and leisure parks in the UK, is already one of SpaceandPeople’s largest clients.
The new agreement is a five-year contract which will see the Aim-quoted company generate revenues for Landsec from marketing promotions and pop up retail kiosks across its sites.
Under the deal, SpaceandPeople will see the portfolio of Landsec shopping centres it rents space across extended to include Southside Wandsworth in London and the newly relaunched Westgate Oxford centre.
It also includes Landsec’s retail and leisure parks, three recently acquired outlet centres as well as its central London business estate.
Mark Warne, head of commercial partnerships at the FTSE 100 firm, said: “Working with SpaceandPeople enables Landsec to offer our customers the best brand experiences, promotions and services across our retail, leisure and office portfolio.”
SpaceandPeople’s group chief executive Matthew Bending, said: “I am delighted that we are continuing and developing our relationship with Landsec, one of the UK’s largest real estate investors.
“We work closely with the Landsec team to ensure that we are providing market leading brand promotions and attractive and relevant pop up retail and promotional solutions.”
Bending added that the company was looking to grow its business with Landsec “even further over the coming years”
The contract win comes on the back of a positive trading update from the company last month which saw it upgrade profit forecasts.
It said revenues to the end of 2017 would be in line with market expectations after a strong final quarter. Pre-tax profit before taxation will be £100,000 higher than anticipated at around £1.2 million. The company also said it ended the year in a strong cash position with £2.6m at hand and that it had repaid all of its bank debt during 2017.
It has also flagged that it intends to start paying dividends again with a payout of 1.5p per share to be voted on at its AGM following full-year results expected at the end of March.