Profits surge at Buchanan Galleries owner

BUCHANAN Galleries owner Land Securities has seen its annual profits more than double after bucking the wider market with a rise in footfall.

Land Securities took full ownership of Buchanan Galleries last October

The firm, which also counts Edinburgh’s Fountain Park leisure complex and Dundee’s Kingsway West shopping park among its portfolio, posted a pre-tax profit of £2.4 billion for the year to 31 March, up from £1.1bn a year earlier.

Visitor numbers to its shopping centres rose 1.5 per cent, compared with a 1 per cent decline across the national benchmark.

Following the surge in profits and better-than-expected 27.6 per cent rise in net asset value, shareholders are in line for a 3.7 per cent increase in their full-year dividend to 31.85p.

Chief executive Robert Noel said: “We go into a new financial year with a strong balance sheet. Our portfolios are well matched to customer demand, with plenty of new space to let in great locations and some fantastic new development opportunities for the future.”

In March, the firm secured detailed planning consent for a major extension to Buchanan Galleries, which will see the Glasgow mall double in size to 1.2 million square feet of retail, leisure and restaurant space. Land Securities took full ownership of the centre in October after paying £137.1m for the 50 per cent previously owned by joint venture partner Henderson UK Shopping Centre Fund.