Land Se­cu­ri­ties out­lines plan to re­store div­i­dends

The Irish Times - - Markets -

Land Se­cu­ri­ties has be­come the first large UK com­pany to out­line plans to restart div­i­dend pay­outs, with the prop­erty group re­port­ing early signs of re­cov­ery from the coro­n­avirus pan­demic.

The group, whose port­fo­lio in­cludes Deutsche Bank’s new Lon­don head­quar­ters, said on Fri­day that the size and tim­ing of its div­i­dend will be dis­closed when it re­ports half-year re­sults in Novem­ber and that it

“re­mains in a fi­nan­cially ro­bust po­si­tion”. The move was “a sign of con­fi­dence re­lat­ing to the re­open­ing of the economy”, said John Cahill, an an­a­lyst at Stifel, in a note. Land­sec said that like-for-like store sales in the last two weeks of June – after non-es­sen­tial re­tail­ers were al­lowed to re­open in Eng­land – were 80 per cent of the level re­ported a year ear­lier. – Copy­right The Fi­nan­cial Times Lim­ited 2020

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