Land Securities rebuilds its City standing - Telegraph

Land Securities rebuilds its City standing - Telegraph

This month two years ago, Land Securities, Britain's largest property developer, revealed the true scale of the country's property crash. It posted an annual pre-tax loss of £4.8bn – a record for a property company.

The value of its shopping centres and London offices, including some of Britain's finest such as Cabot Circus in Bristol and New Street Square in Central London, had slumped in the face of the recession.

To protect itself against the losses, Land Securities was forced to sell prime assets at the bottom of the market such as the Bullring shopping centre in Birmingham, press ahead with the disposal of its outsourcing arm Trillium, and turn to shareholders for a dilutive £755m right issue.