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Commercial real estate company Land Securities hiked its dividend after swinging to a profit in the first half of the year amid ongoing demand for London office assets.
For the six months ended 30 September 2021, pre-tax profit was £275 million compared with a loss of £835 million year-on-year, with EPRA earnings up 56.5% to £180 million.
The dividend per share was increased by 29.2% to 15.5 pence.
Loan to value ratio rose to 31.8%, down from 32.2%.
'Our actions over the last six months and throughout the pandemic have enabled us to significantly increase operational activity and we remain in a strong financial position. We look forward to demonstrating further progress over the coming months,' the company said.
The company also announced the creation of a new £135 million net zero transition investment plan to help the group achieve its 2030 science-based targets and drive its transition to net zero.
'The fund will be used to finance a series of initiatives over the coming nine years to reduce Landsec's carbon footprint and drive innovation and best practice across the wider industry,' the company said.