Slaughter and May advised Landsec on its £500mn placing and related retail offer

Slaughter and May advised Land Securities Group plc (“Landsec”) on its equity issue, comprising a placing, retail offer and director subscriptions to raise gross proceeds of approximately £500mn. The proceeds of the equity issue are being used to partially fund Landsec’s proposed acquisition of a 100% stake in Metrocentre, Gateshead for a net cash consideration of £516mn, and the further consolidation of Landsec’s interests in its existing retail portfolio for a net cash consideration of around £100mn.

The placing, which was announced on 1 October 2026, was conducted through an accelerated bookbuilding process for institutional investors, alongside a retail offer via RetailBook and a subscription by the executive directors of Landsec. UBS AG London Branch, Barclays Bank PLC and Deutsche Bank AG, London Branch acted as Joint Global Coordinators, Joint Bookrunners and Joint Corporate Brokers.

Slaughter and May worked closely with Landsec’s Head of Governance and Company Secretary, Marina Thomas and its Head of Legal, Alex Peeke.

Landsec is a UK-listed real estate investment trust with a £10bn portfolio built around premium workspaces, the country’s pre-eminent retail platform, and a residential pipeline.