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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
61% of retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
61% of retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
61% of retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at https://etoro.tw/44JRWLY
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Landsec Raises £500m for Metrocentre Deal
Landsec kept underlying earnings per share flat and lifted its interim dividend, but is issuing new shares to buy more shopping centres, which dilutes net assets per share while lowering pro forma debt relative to earnings.
Landsec (LON: LAND), the property group that owns London offices and major shopping centres, held half-year underlying earnings per share at 25.9p and raised its interim dividend 2.1% to 19.4p.It also raised £500m of new equity after the period-end to buy the Metrocentre shopping centre and more of Bluewater.
At 8.27am, on a delayed quote, the shares were 694.5p, down 0.2% from yesterday’s 696p. The results came out at 7am today, before the London market opened.
LAND.LSE
Landsec’s EPRA NTA per share rose from 882p to 893p in the six months to 30 September 2026, before falling to 863p pro forma once the shares issued in the £500m October equity raise are included. Source: Landsec half-year results, 13 November 2026.
EPRA earnings per share, the industry’s adjusted measure of rental profit that excludes property revaluations, edged up from 25.8p a year earlier. Like-for-like rental income, on assets held in both periods, grew 6.2% and overheads fell 9%. Together they offset about £10m of earnings lost with the sale of the QAM asset.
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The statutory picture was stronger. IFRS profit before tax rose to £243m from £98m, helped by an £88m valuation surplus on the combined portfolio.
Management points to rents still below market. Reversion, the gap between current and market rents, is up to 20% in offices. Retail occupancy of 97.8% is the highest in over 20 years, and estimated rental values rose 2.9% over six months.
The equity raise issued 83m shares, bringing in £489m net. It part-funds £611m of retail purchases: Metrocentre, near Newcastle, for £516m, and a further 10% of Bluewater for £95m, at a blended 7.9% yield. Landsec also sold or exchanged £338m of assets this year.
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The headline 7.7x net debt to EBITDA, a measure of debt against annual earnings, and 37.1% loan-to-value are pro forma for the deals. The 30th of September actuals are 8.4x and 39.2%. EPRA net tangible assets per share rose from 882p to 893p, then falls to 863p pro forma.
Landsec guides to stable EPRA EPS in FY27 and an improved high-single-digit percentage rise in FY28. Chief Executive Mark Allan said:
Our progress over the past six months further reinforces our potential to deliver c. 5% CAGR in EPRA EPS to FY30.
Mark Allan, Chief Executive, Landsec
The company expects net debt to EBITDA to fall comfortably below 7x. Management hosts a webcast with questions at 9am today.
The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
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