May 15, 2018 / 9:46 AM / 4 months ago

RPT-UPDATE 1-Land Securities NAV dips on refinancing costs, names new chairwoman

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May 15 (Reuters) - Land Securities, Britain’s largest listed property developer, posted a slight fall in full-year adjusted net asset value per share on Tuesday, hurt by the cost of refinancing bonds, and said it named Cressida Hogg as new chairwoman.

Hogg will succeed well-known business personality Dame Alison Carnwath, who will retire on July 12. Hogg will be one of a handful of women at the helm of an FTSE 100 company board.

Land Securities expects investment and leasing volumes in the property market to be more subdued in the near term due to uncertainty ahead of the UK’s exit from the European Union.

The company, which manages the Bluewater shopping centre in southeast England, also said retail market continued to be affected by structural change in shopping habits and has been impacted by weaker consumer confidence.

Land Securities, like others in the industry, has undergone a multi-year overhaul to cut debt by selling non-core projects to strengthen the quality of its balance sheet and is today watched widely for its calls on the state of the market.

The developer reported a 1 percent fall in adjusted diluted net asset value - a measure of a developer’s buildings - to 1,403 pence for the year to March 31.

“The cost of refinancing 1.5 billion pounds ($2.03 billion)of bonds is behind both the loss for the year of 251 million pounds and the slight fall in adjusted diluted net asset value per share to 1,403 pence,” the company said.

Land Securities raised its full-year dividend by 14.7 percent to 44.2 pence per share. ($1 = 0.7383 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier)

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