Land Securities to Invest GBP1.5B on Mixed-Use Neighborhoods Pipeline

By Anthony O. Goriainoff

Land Securities Group PLC said Wednesday that it plans to invest around 1.5 billion pounds ($2.03 billion) of capital expenditure on its mixed-use neighborhoods pipeline over the next five years.

The London-listed commercial-property developer and investment company said it expects this to deliver around 20% profit on the total development cost. The company said mixed-use urban neighborhoods are a key pillar of its growth strategy.

The company said it also plans to invest around GBP1.3 billion in its London office pipeline.

The developer said it expects construction to start at Manchester’s Mayfield project later in the year and on Salford’s tech-and-media hub MediaCity’s Phase 2 in 2023.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

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