PROPERTY group Land Securities said the UK commercial property market had started to recover earlier than anticipated.
Speaking to analysts during the presentation of six-month figures, chief executive Francis Salway admitted: “The market has turned quite sharply and positively, which has surprised us to a degree.
“The turning point came earlier than we expected.”
He revealed losses for the six months to September 30 were significantly reduced, at £4.6m compared with a £1.6bn deficit this time last year.
The group has also repaid £1.8bn of debts.
However, Mr Salway added the group will not rush its investment programme, including a £100m redevelopment for Liverpool city centre.
Land Securities owns the St John’s and Clayton Square shopping centres and planned to start a £100m revamp of St John’s next year, but it will now begin in 2012.
