Landsec

Landsec, formally Land Securities Group plc, is a British real estate investment and development company operating under the Landsec brand. It is one of the United Kingdom’s largest commercial property businesses, with activities spanning office buildings, retail destinations, shopping centres, high-street properties, leisure assets, retail parks and large-scale urban regeneration projects. Its portfolio has included prominent London commercial locations, major shopping destinations and properties outside the capital. The company traces its origins to 1944, when Harold Samuel acquired Land Securities Investment Trust Limited. That business initially owned a small portfolio consisting of three houses in Kensington and government stock. After further acquisitions, the company shifted its emphasis toward commercial property from 1947. Although it made some investments outside the United Kingdom during its early history, it sold those holdings in 1971 and adopted a primarily UK-focused strategy. The corporate name changed to Land Securities plc in 1982. Landsec expanded beyond traditional property ownership through acquisitions and partnerships. In 2000 it acquired Trillium, a facilities-management and property-services business. In 2002, Land Securities and the William Pears Group formed Telereal Trillium, a 50/50 joint venture established to acquire and manage British Telecom’s property portfolio. Land Securities later transferred its interest in Telereal to William Pears Group in 2007 and sold Trillium to the same group in 2009. The company became a UK real estate investment trust in January 2007, following the introduction of the UK REIT regime. This marked an important change in its tax and investment structure and reinforced its identity as a listed property investment vehicle. Landsec’s portfolio strategy subsequently combined the ownership and management of income-producing assets with development and regeneration capabilities. London has remained central to the group’s activities. Landsec has been involved in the transformation of areas around Victoria station through Project Nova and owns Piccadilly Lights at Piccadilly Circus. Its London portfolio has included offices and retail properties in major commercial districts. The business has also maintained exposure to shopping centres and retail parks, including Bluewater in Kent. In June 2017, the company adopted Landsec as its trading name and visual brand, while retaining Land Securities Group plc as its registered corporate name. The rebrand presented the business as a modern urban property company rather than solely a conventional investment landlord. In 2019, it introduced Myo, a series of open-plan flexible office spaces, beginning at 123 Victoria Street in London. A second Myo location opened at Liverpool Street in May 2021. The COVID-19 pandemic led Landsec to reassess its asset mix. In November 2020, it announced plans to sell approximately £4 billion of assets over four to five years, including hotels, leisure properties and retail parks affected by the pandemic. The company also pursued expansion through urban regeneration: in November 2021 it announced the proposed acquisition of U+I, a specialist in urban regeneration, for £190 million. In December 2021, it increased its interest in Bluewater by acquiring an additional 25 percent share from Lendlease Retail Partnership, while confirming the sale of 25 percent of the newly acquired interest to M&G. Its resulting overall interest was reported as 48.75 percent. Landsec also uses its prominent media and public spaces for social-purpose activity. In May 2021, it supported an international ovarian-cancer awareness campaign by screening a pro bono advertisement at Piccadilly Circus in London and Times Square in New York. The company’s current identity combines property investment, development, asset management and place-making, with an emphasis on commercially significant urban environments and long-term rege…

Landsec’s history begins in 1944, when Harold Samuel purchased Land Securities Investment Trust Limited. The acquired company had a modest starting portfolio of three Kensington houses and government stock. Samuel and subsequent management expanded the business through acquisitions, and from 1947 the company increasingly concentrated on commercial property rather than a broad investment-trust model. The group made some non-UK investments in its early period, but in 1971 it sold those assets and committed itself to the United Kingdom. This geographic focus became a defining feature of the business. In 1982, the corporate name was changed to Land Securities plc, reflecting the company’s established identity as a property-owning and investment enterprise. A major diversification occurred in 2000 with the acquisition of Trillium. Two years later, Land Securities formed Telereal Trillium with the William Pears Group in a 50/50 joint venture. The venture acquired the property portfolio of British Telecom and broadened Land Securities’ involvement in property services and large institutional estates. Land Securities sold its interest in Telereal to William Pears Group in 2007 and subsequently sold Trillium to that group in 2009. The introduction of real estate investment trusts in the United Kingdom provided another important structural milestone. Land Securities converted to REIT status in January 2007. The move aligned the company with a listed property-investment model designed to hold and manage income-generating real estate while also undertaking development and regeneration. Leadership changed in March 2012, when Robert Noel succeeded Francis Salway as chief executive. Noel had joined Land Securities in 2010 from Great Portland Estates and had been managing director of the company’s London properties. London continued to be the centre of the group’s development strategy, including its work around Victoria station through Project Nova and its ownership of Piccadilly Lights at Piccadilly Circus. On 12 June 2017, Land Securities introduced Landsec as its trading brand. The legal company name remained Land Securities Group plc. The rebrand expressed a broader positioning around urban environments, development and place-making. This direction was also visible in the launch of Myo, an open-plan office concept. The first Myo site opened at 123 Victoria Street in 2019, followed by a Liverpool Street location in May 2021. The pandemic created significant pressure across the retail, leisure, hospitality and office property markets. In November 2020, Landsec announced a plan to sell around £4 billion of assets over four to five years, including hotels, leisure properties and retail parks. The programme represented a portfolio reshaping response to changing market conditions rather than a withdrawal from commercial property as a whole. Landsec continued to pursue selective growth. In November 2021 it announced the planned £190 million acquisition of U+I, adding an urban-regeneration specialist to its development capabilities. In December of the same year, it increased its Bluewater holding by acquiring an additional 25 percent from Lendlease Retail Partnership, while confirming a transaction that transferred 25 percent of the newly acquired shares to M&G. The reported overall Landsec interest became 48.75 percent. The company has also participated in public-interest initiatives using its high-profile advertising assets. On World Ovarian Cancer Day in May 2021, Landsec supported the Cure Our Ovarian Cancer Foundation’s awareness campaign by providing space for a pro bono advertisement at Piccadilly Circus in London and Times Square in New York. Across its development, investment and management activities, Landsec has evolved from a UK property investment trust into a diversified commercial real estate and regeneration business trading under a shorter consumer-facing name.

1. 2021Second Myo location opens

   A second Myo site opened at Liverpool Street in May 2021.

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2. 2019First Myo office opens

   Landsec launched its Myo open-plan office concept at 123 Victoria Street in London.

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3. 2017Landsec trading brand introduced

   The company rebranded its public-facing business as Landsec while retaining Land Securities Group plc as its registered name.

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4. 2012Robert Noel succeeds Francis Salway as chief executive

   Robert Noel became chief executive on 31 March 2012 after previously leading the company’s London properties.

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5. 2007Conversion to UK REIT status

   Land Securities became a real estate investment trust after the UK introduced its REIT regime.

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6. 2002Telereal Trillium joint venture formed

   Land Securities and William Pears Group formed a 50/50 venture to acquire British Telecom’s property portfolio.

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7. 2000Trillium acquisition

   Land Securities acquired Trillium, expanding its property-services and estate-management capabilities.

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8. 1982Corporate name changes to Land Securities plc

   The company changed its corporate name to Land Securities plc.

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9. 1971Withdrawal from non-UK investments

   The company sold its non-UK investments and adopted a UK-only investment focus.

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10. 1947Commercial property becomes the central focus

    Following further acquisitions, the company concentrated its activities on commercial property.

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11. 1944Harold Samuel acquires Land Securities Investment Trust Limited

    The company’s historical roots are traced to Harold Samuel’s purchase of a business holding three houses in Kensington and government stock.

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A large, listed UK commercial property owner, developer and regeneration specialist combining income-producing real estate with large-scale urban place-making.

• MyoFlexible office space2019

  Myo is Landsec’s open-plan office concept, designed for occupiers seeking flexible, professionally managed workspace in central London locations. The first site opened at 123 Victoria Street in 2019, followed by a Liverpool Street location in May 2021.

• BluewaterShopping centre

  Bluewater is a major shopping and leisure destination in Kent in which Landsec has held a significant ownership interest. The company increased its reported overall share to 48.75 percent after transactions completed in 2021.

• Piccadilly LightsDigital outdoor advertising

  Piccadilly Lights is the prominent digital advertising display at Piccadilly Circus in London. Landsec owns the asset and has used the location for commercial and public-interest communications, including an ovarian-cancer awareness campaign in 2021.

• Project NovaUrban regeneration

  Project Nova refers to Landsec’s development and regeneration work around London Victoria station. It forms part of the company’s broader role in reshaping major urban commercial districts through mixed-use property development and place-making.

• 2021An ad you can’t miss, for a cancer you do

  United Kingdom · United States

  For World Ovarian Cancer Day, Landsec supported the Cure Our Ovarian Cancer Foundation’s international awareness initiative. The advertisement featured women diagnosed with ovarian cancer and was screened at Piccadilly Circus in London and Times Square in New York, with production and media space provided on a pro bono or sponsored basis.

  Outcome. The campaign gained prominent outdoor exposure at two internationally recognised digital advertising locations.

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• 2021Proposed acquisition of U+IM&A

  Landsec sought to strengthen its urban regeneration capabilities.

  What changed. The company announced an agreement to acquire urban regeneration specialist U+I for £190 million.

  Aftermath. The transaction was intended to expand Landsec’s development and regeneration platform.

  Announced acquisition consideration. £190 million (November 2021)

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• 2021Increase in Bluewater ownershipM&A

  Landsec sought to increase its interest in the Bluewater shopping centre.

  What changed. It acquired a further 25 percent share from Lendlease Retail Partnership and confirmed the sale of 25 percent of the newly acquired shares to M&G.

  Aftermath. Landsec’s overall reported ownership interest in Bluewater increased to 48.75 percent.

  Purchase consideration for additional Bluewater share. £172 million (December 2021)

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• 2020Planned disposal of approximately £4 billion of assetsStrategy

  The COVID-19 pandemic affected demand and valuations across hotels, leisure properties and retail parks.

  What changed. Landsec announced plans to sell approximately £4 billion of assets over the following four to five years.

  Aftermath. The announcement represented a planned reshaping of the portfolio toward a different mix of property assets.

  Planned asset disposals. Approximately £4 billion planned for sale (Announced November 2020; intended over four to five years)

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• 2007Conversion to real estate investment trust statusStrategy

  The United Kingdom introduced a real estate investment trust regime in January 2007.

  What changed. Land Securities converted to UK REIT status, aligning its structure with the new listed property-investment framework.

  Aftermath. The company continued operating as a listed commercial property investment and development business.

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• 2021Landsec announces acquisition of U+I

  Landsec announced an agreement to acquire urban regeneration specialist U+I for £190 million.

  M&A
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• 2021Landsec increases its interest in Bluewater

  Landsec acquired an additional 25 percent share in Bluewater from Lendlease Retail Partnership and arranged the sale of 25 percent of that newly acquired interest to M&G, resulting in a reported overall interest of 48.75 percent.

  M&A
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• 2021Landsec supports ovarian-cancer awareness campaign at major digital sites

  Landsec provided screening space at Piccadilly Circus and Times Square for an international ovarian-cancer awareness campaign.

  Campaign
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• 2021Landsec announced the acquisition of U+I

  Landsec announced an agreement to acquire urban regeneration specialist U+I for £190 million, expanding its regeneration capabilities and development pipeline.

  M&A
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• 2021Landsec increased its interest in Bluewater Shopping Centre

  Landsec agreed to acquire an additional 25% interest in Bluewater from Lendlease Retail Partnership for £172 million and subsequently agreed to sell 25% of the newly acquired interest to M&G. Its overall interest became 48.75%.

  M&A
  Source
• 2021Landsec supported an ovarian-cancer awareness campaign at Piccadilly Circus

  For World Ovarian Cancer Day, Landsec and JCDecaux provided sponsored advertising space at Piccadilly Circus for an awareness film featuring women diagnosed with ovarian cancer.

  Campaign
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• 2020Land Securities announces major asset-sale programme during the COVID-19 pandemic

  The company announced plans to sell approximately £4 billion of assets over four to five years, including hotels, leisure properties and retail parks affected by pandemic conditions.

  Other
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• 2020Landsec announced a major asset-disposal programme during the COVID-19 pandemic

  The company said it planned to sell approximately £4 billion of assets over the following four to five years, including hotels, leisure properties and retail parks affected by the pandemic.

  Other
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• 2007Land Securities becomes a UK REIT

  Land Securities adopted real estate investment trust status when the UK REIT regime was introduced.

  Other
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1. Landsec