LAND Securities, one of the biggest property groups in the UK, has signalled a return to the market with two key deals.

The firm, which owns Liverpool’s St John’s and Clayton Square shopping centres, is to start three London projects worth £655m and has bought Glasgow’s Atlas shopping centre from administrators for £10m.

Falling property values caused by the credit crunch put most of its schemes on hold, including the planned £100m two-year redevelopment of the St John’s Precinct site which was due to begin this year, but is now set to start in 2012 instead.

However, chief executive Francis Salway said the group’s third-quarter update shows that “the business continues to perform well against our operational targets, and we are pleased that our portfolio is proving its appeal to occupiers with ongoing lettings, while our financial strength allows us to be first off the block with our London development programme”.

The statement showed that £9.8m of new lettings were achieved in the quarter, with a further £22.6m-worth in solicitors’ hands.

Investment property sales of £249.3m during the quarter were just 1.2% below the September, 2009, level, although the 5.4% of void properties compared with a 5% figure a year ago.

Liverpool stockbroker Panmure Gordon said the third-quarter interim management statement has confirmed continued improvement in the balance sheet position, along with commitment to new development schemes.

But it added: “However, the weak occupier market has shown no material signs of improvement during quarter three and voids have edged up in both the London and retail portfolio.”

It said its current share price looks high enough.