First Read: Landsec "From Our Tour to Your Door: Victoria and Thirty High" (Buy)

Research evidence excerpt

First Read: Landsec "From Our Tour to Your Door: Victoria and Thirty High" (Buy)

Global Research

7 July 2026ab

First Read

EquitiesLandsec

From Our Tour to Your Door: Victoria and Thirty United Kingdom

High Real Estate

12-month rating Buy

12m price target 715p

A bullish outlook for Victoria

The event reinforced Victoria as Landsec’s critical office submarket (2.3m sq ft, 11 assets,

~20% of group income). They referenced the 98.8% occupancy within their estate Price (06 Jul 2026) 655p

driving 8.8% growth in market rents over LTV - and just ~4% overall vacancy in the RIC: LAND.L BBG: LAND LN

submarket - pushing back against some recent reports indicating Victoria was becoming

Trading data and key metrics

oversupplied. They also showed a chart illustrating a vacancy rate well below other

submarkets such as Paddington (8.5%) and CG/Strand (8.7%), both showing 0% rental 52-wk range 675p-529

growth LTM. Looking forward they believe future supply is structurally constrained Market cap. £4.87b/US$6.52b

(c.1.7m sq ft potential loss to alternative uses). Shares o/s 743m (ORD)

Free float 95%

Thirty High: new incremental detail Avg. daily volume ('000) 3,407

Management flagged c.17% ERV growth LTM at the scheme which could contribute an Avg. daily value (m) £21.1

additional 1.1% in EPS accretion. Rental tones vary materially by floor, ranging from the Common s/h equity (03/27E) £6.70b

mid-£90s psf at lower levels to potential £200+ psf on upper floors. The building is P/BV (03/27E) 0.7x

formed of 267,000 sq ft of office space with 32,000 sq ft of F&B/retail space. It has a

EPS (UBS, diluted) (GBX)

total development cost of £446m which would deliver a 7.8% gross yield on cost - with

UBS Cons.

completion due in September 2026. The targeted office mix is c.25% Myo / ‘Created’