Property developer Land Securities says Brexit negotiations too slow

[LONDON] Britain's largest listed property developer Land Securities said on Tuesday negotiations for Britain to leave the European Union were moving more slowly than businesses would have hoped.

Reporting a 5.2 per cent rise in its half-year revenue profit, the company said political uncertainty caused by the slow pace of negotiations is leading to caution in the .

"The headwinds of Brexit are beginning to show in the economy. However, our balance sheet is healthy and we have the talent, firepower and experience to thrive," said Landsec's Chief Executive Robert Noel.

The decrease in value of Landsec's combined portfolio over the six month period, adjusted for net investment narrowed to £19 million (S$33.87 million) from £260 million a year ago. Adjusted diluted net asset value per share rose 1.1 per cent to 1,432 pence.

Landsec reported a 5.2 per cent rise in revenue profit to 203 million pounds for the six months ending Sept 30. Pre-tax loss stood at £33 million for the period, compared with a loss of £95 million for 6 months ending Sept 30, 2016.

The company said it had booked a 170 per cent profit on cost from the sale of its share of the "Walkie Talkie" skyscraper in London to Hong Kong's LKK Health Products Group Ltd in July.

Landsec and Canary Wharf Group sold the tower for £1.3 billion, the highest price on record for a British office building.

REUTERS