In less than 12 months, the treasury team at Landsec has completed a number of major financing exercises, strengthening the property group’s balance sheet and liquidity profile. This included issuing two public benchmark bonds, refinancing £2.25bn worth of syndicated revolving credit facilities and a c£200m non-recourse asset level bank facility.
In addition, the five-person team supported the business with completing a large-scale asset disposal programme (including its £400m hotel portfolio), further expanding its major retail portfolio by acquiring an additional stake in Bluewater shopping centre in Kent and taking full control of MediaCity in Salford, while also progressing two large London office developments and improving the sustainability of existing assets.
At the same time, the team has been implementing a range of operational efficiencies, strengthening controls and supporting the wider finance team with the implementation of a new ERP system.
The team has maintained a market-ready position, enabling it to react quickly to market opportunities.
Sitting at the heart of the organisation, the team is small but able to cover a broad range of activities. The major financing projects were delivered alongside acquisition and divestment activity as well as operational workstreams, such as making sure all parts of the business including joint ventures are funded in the most efficient way and the complex securitisation structure was well managed.
The team has a very open and non-hierarchical approach that allows them to work very closely together – they can step in and cover for each other across a number of areas to ensure continuity of key workstreams, especially during busy periods.
The Landsec team did a huge amount of work for such a small team – delivering major refinancings and supporting the business through asset acquisitions and disposals as well as working with the finance team’s ERP implementation shows they really are at the heart of the organisation
