Land Securities (LON:LAND), Britain’s largest property development company, said its third quarter performance had been resilient against a tough economic backdrop.
Its development One New Change, in the heart of the City of London, is 82 per cent let, while the Trinity Leeds office complex is almost 58 per cent pre-let.
Total property sales, meanwhile, were £104 million, down 1.9 per cent compared with the same period last year.
The company’s net debts were steady at just under £4.1 billion, which equated to 37 per cent loan to value. The weighted average cost of those borrowings is 5 per cent.
The group recently signed a £1.05 billion credit facility at 1.2 percentage points above LIBOR.
Chief executive Francis Salway said: "Despite weak economic news flow, we have continued to make progress in the period having completed a number of development lettings, and further reduced void levels on our portfolio.
“As is to be expected in a period of economic uncertainty, letting transactions are taking longer to execute.
"Having refinanced over £1bn of our bank facilities, we are well placed with long average duration of debt, moderate balance sheet gearing and the capacity to invest.
“We expect the economic uncertainty to continue in the near term, but we remain confident of our ability to withstand economic fluctuations and to take advantage of opportunities that may arise from the scarcity of bank funding."