Planning and the business cycle
A Land Securities Group case study

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Page 5: Mangement risk and investment

Six process steps

Land Securities seeks to achieve long-term sustainable returns for its shareholders. It knows that to do this it must consider inherent risks. Risk management and the ability to take measured risk is the secret to the success of any business. Land Securities have a clearly defined risk management process, covering a broad spectrum of business risks. Land Securities formally reviews the performance of each of its properties at least once a year. Risk factors might include property that is unoccupied, leases due to expire, progress on rent reviews and tenant defaults.

Macro-economic forces beyond its control also lead to risk. This includes increases in tax rates and changes to VAT. Stamp duty, land tax or changing taxation of profits and capital gains from the sale or rent of property may also have an effect. Another risk is changes that may take place in planning regulation. Land Securities ensures that it complies with regulations and legislation. It actively participates in many industry organisations such as the British Property Federation. Land Securities through the Federation can talk with government about issues that relate to its future performance.

Land Securities Group | Planning and the business cycle