Prop­erty boss cau­tions over Brexit dis­cus­sions

The Scotsman - - Perspective / Letters To The Editor - By SCOTT REID

The chief ex­ec­u­tive of prop­erty heavy­weight Land Se­cu­ri­ties has warned that the Brexit ne­go­ti­a­tions are not mov­ing fast enough and the hold-up is spark­ing un­nec­es­sary cau­tion among UK busi­nesses.

Robert Noel said the talks are “mov­ing more slowly than busi­nesses would have hoped,” adding: “Cou­pled with po­lit­i­cal un­cer­tainty, this is lead­ing to cau­tion.

“How­ever, our bal­ance sheet is healthy and we have the tal- ent, fire­power and ex­pe­ri­ence to thrive,” stressed Noel.

His comments came as the group be­hind ma­jor re­tail as­sets such as Glas­gow’s Buchanan Gal­leries and the Al­mond­vale South Re­tail Park in Liv­ingston, posted pre-tax losses of £33 mil­lion for the half-year to 30 Septem­ber against losses of £95m a year ear­lier.

Rev­enue profit – the group’s pre­ferred mea­sure – lifted 5.2 per cent to £203m. Land­sec de­clared a div­i­dend per share of 19.7p, up more than 10 per cent on a year ear­lier.

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