Land Securities prices £500m share placing at 600 pence

Land Securities Group PLC recently concluded a successful share placing that raised a gross amount of approximately £500 million. The company issued 81,819,504 new ordinary shares at a price of 600 pence each, through UBS AG London Branch, Barclays Bank PLC, and Deutsche Bank AG, London Branch. This placing price was 3.0% lower than the middle market price of 618.5 pence when the shares were priced.

The funds raised will be used to finance the acquisition of a 100% stake in Metrocentre and to further consolidate the company's position in its existing retail portfolio. In addition to the institutional placing, Land Securities also conducted a retail offer, where 1,513,830 new ordinary shares were sold at the same price through RetailBook.

The company's CEO and CFO each subscribed for additional shares, representing around £70,000 in total. The combined issuance of 83,345,000 new ordinary shares accounts for approximately 11% of the company's existing issued ordinary share capital before the placing. Mark Allan, the Chief Executive Officer, expressed satisfaction with the support from both existing and new shareholders during the equity placing.

The company had consulted with institutional shareholders beforehand and adhered to pre-emption principles when allocating shares. The application for admission of the new shares to trading on the main market is scheduled for September 30, 2026, with settlement of the placing shares expected to begin at 8:00 am London time on October 5, 2026.

After admission, the total number of shares in issue will be 835,290,016, out of which 6,789,236 are treasury shares, leaving 828,500,780 voting shares. The new shares will hold equal status with existing ordinary shares, including the right to receive all future dividends and distributions declared after the issue date.