LandSec increases debt, reduces LTV

Land Securities increased its debt by £470m to £3.8bn last year but an increase in portfolio valuation by £2bn to £14bn reduced its group LTV from 32.5% to 28.5%. The UK REIT said said in its annual report to 31 March 2015 that the result was consistent with its strategy at this stage in the property cycle of allowing gearing to decline as property values rise.