RVBA-LAND

Landsec — full event log

Every event we have on file across every reporting year. The Data-by-year tab summarises the top 10 per year; this page shows them all.

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2025· 7 events

Acquired 92% stake in Liverpool ONE for £490mData confidence — high

Landsec acquired a 92% stake in Liverpool ONE for £490m (£455m initial), delivering 7.5% income return with 10%+ IRR. Part of £629m of major retail acquisitions during the year.

sustainability_report p.17

Strategy to shift portfolio from offices to residentialData confidence — high

Strategic objective to release £2bn of capital from offices to fund residential by FY30, scale back office-led development by at least half, and establish £2bn+ residential platform.

sustainability_report p.4

Acquired residual 25% stake in MediaCityData confidence — high

Took full control of MediaCity estate in October 2024 by acquiring residual 25% stake for £84m. Allocation for 2,700 homes at Phase 2 land.

sustainability_report p.17

£350m 10-year green bond issuedData confidence — high

Refinanced £2.25bn RCF and issued £350m 10-year green bond during FY25.

sustainability_report p.28

Sold £655m of assets including hotel portfolioData confidence — high

Sold £496m during year (£400m hotel portfolio + £96m other non-core) and £159m of retail parks since year-end. Phased exit from non-core assets.

sustainability_report p.18

Net zero by 2040 with 47% absolute reduction by 2030Data confidence — high

Landsec targets net zero emissions by 2040, with a near-term target to reduce absolute scope 1, 2 and 3 emissions by 47% by 2030 from a 2019/20 baseline, and a long-term target of 90% reduction by 2040.

sustainability_report p.36

Embodied carbon reduction targetData confidence — high

Reduce average embodied carbon by 50% compared with a typical building by 2030. Tracking 41% reduction across development pipeline currently.

sustainability_report p.36

2023· 13 events

50% upfront embodied carbon reduction target by 2030Data confidence — high

Set target to reduce average upfront embodied carbon by 50% compared with a typical building by 2030, targeting <500 kgCO2e/m2 for offices and <400 kgCO2e/m2 for residential. 40% reduction achieved in reporting year.

sustainability_report p.215

Expanded Scope 3 coverage to all SBTi-relevant categoriesaffects scope 3 co2eData confidence — high

Updated SBTi targets now cover all reported Scope 3 emissions including development pipeline, supply chain and customers (downstream leased assets). Categories 8, 9, 10, 11, 12, 14 and 15 are excluded as not applicable.

sustainability_report p.9

Published 'Let Nature In' nature strategy and first TNFD disclosureData confidence — high

Landsec published its new nature strategy in 2024 and reported against TNFD recommendations for the first time, signing up as a TNFD Early Adopter following September 2023 publication.

sustainability_report p.31

Capital goods emissions rose 38% YoY due to portfolio activity and inflation impact on spend-based estimatesData confidence — med

Emissions from Capital Goods increased 38% vs prior year due to a combination of portfolio projects, refurbishment works and inflation, which impacts the proportion of emissions estimated based on procurement spend.

sustainability_report p.9

SBTi Net-Zero Standard targets approved (47% by 2030, 90% by 2040)Data confidence — high

In March 2023, Landsec updated its science-based carbon reduction targets to align with the SBTi Net-Zero Standard, committing to reduce all direct and indirect emissions (Scope 1, 2 and all relevant Scope 3) by 47% by 2030 and 90% by 2040, from a 2019/20 baseline, with net zero by 2040. Expanded coverage to all Scope 3 categories including supply chain, development pipeline and customers.

sustainability_report p.218

Baseline rebased from 2013/14 to 2019/20Data confidence — high

As part of the SBTi Net-Zero Standard alignment, Landsec changed its baseline from 2013/14 to 2019/20. New baseline covers all Scope 1, 2 and applicable Scope 3 categories, totalling ~300,338 tCO2e.

sustainability_report p.225

Scope 3 expanded to cover all material categories under SBTi Net-Zeroaffects scope 3 co2eData confidence — high

Scope 3 inventory expanded to cover purchased goods and services, capital goods, fuel and energy related activities, waste, business travel, employee commuting and downstream leased assets — covering 90% of Landsec's total carbon footprint.

sustainability_report p.224

TNFD Adopter and 'Let Nature In' nature strategy launchedData confidence — high

Following publication of TNFD recommendations in September 2023, Landsec signed up as Adopter and published its first TNFD statement. Launched 'Let Nature In' nature strategy with site-specific Nature Action Plans.

sustainability_report p.79

Two assets divested in reporting yearData confidence — high

Divestment of two assets during the reporting period reduced Scope 1+2 emissions by 297 tCO2e (~2.2% of prior-year total).

sustainability_report p.178

EY limited assurance (ISAE 3000) on Scope 1, 2 and 3Data confidence — high

EY provided limited assurance under ISAE 3000 on 100% of reported Scope 1, Scope 2 (location and market) and Scope 3 emissions for the reporting year, plus other sustainability data points.

sustainability_report p.172

Near-term SBTi-aligned target: 47% absolute scope 1, 2, 3 reduction by 2030Data confidence — high

Near-Term: reduce absolute scope 1, 2 and 3 emissions by 47% by 2030 from a 2019/20 baseline. Long-Term: reduce by 90% by 2040.

sustainability_report p.3

Embodied carbon target: 50% reduction vs typical building by 2030Data confidence — high

Reduce average embodied carbon by 50% compared with a typical building by 2030 (vs GLA Whole Life Carbon Guidance baselines).

sustainability_report p.3

SBTi Net-Zero Standard targets adopted; baseline reset to 2019/20Data confidence — high

In March 2023, Landsec updated carbon reduction targets to align with SBTi Net-Zero Standard. Baseline updated from 2013/14 to 2019/20. Near-term: -47% absolute Scope 1,2,3 by 2030; long-term: -90% by 2040 (net zero by 2040). Targets now cover all Scope 3 categories.

sustainability_report p.9

2022· 8 events

Increased primary data coverage for downstream leased assetsaffects scope 3 downstream leasedData confidence — high

Share of primary data relating to tenant energy usage increased from 44% to 57% this year, increasing accuracy of Scope 3 Category 13 (Downstream leased assets) reporting.

sustainability_report p.12

New embodied carbon target — 50% reduction by 2030Data confidence — high

New target introduced: reduce average embodied carbon by 50% compared with a typical building by 2030 by prioritising asset retention, smart design and sustainable materials. Performance to be reported next year.

sustainability_report p.3

Limited assurance by EY over expanded scope including all Scope 3 categoriesData confidence — high

EY provided limited assurance covering Scope 1, 2 and all disclosed Scope 3 categories, energy, water, waste, safety and social value metrics for FY2021/22.

sustainability_report p.49

Retail parks reclassified from Retail to Other portfolioData confidence — high

The figures for Retail and Other have been restated from previous years due to changes in those portfolios as retail parks were previously reported under Retail. This year retail parks are reported under Other. Affects segment-level historical comparisons.

sustainability_report p.13

Capital Goods Scope 3 emissions restated for 2021/22 and 2022/23affects scope 3 co2eData confidence — high

Capital Goods emissions for 2021/22 and 2022/23 have been restated due to previously double-counting emissions for one development project.

sustainability_report p.9

Refrigerant gas data methodology changed (input vs delivery date)affects scope 1 co2eData confidence — high

Scope 1 (refrigerant gases) emissions for 2022/23 have been restated due to a change in the refrigerant gas data collection methodology — now reported based on input date into the reporting system, previously based on delivery date.

sustainability_report p.17

Energy intensity target tightened to 45% reduction by 2030affects renewable energy pctData confidence — high

Landsec increased the ambition of its energy reduction target this year to align with its 1.5°C science-based target. Updated energy intensity target is now 45% reduction by 2030 vs 2013/14 baseline (previously a less ambitious goal).

sustainability_report p.8

Nova East (n2) construction waste figures restated downwardData confidence — high

Waste figures for the n2 development decreased from those previously declared for 2020/2021 as a result of a review by Landsec of the demolition contractors' waste once the demolition and enabling work contract ended.

sustainability_report p.9

2021· 10 events

Water data added to third-party assurance scopeData confidence — high

For the first time in 2020/21 Landsec carried out third-party (EY) assurance of its water consumption data, alongside continued limited assurance over GHG, energy, waste, safety and social value.

sustainability_report p.31

First-time GRI and SASB alignmentData confidence — high

2020/21 is the first year Landsec has prepared sustainability reporting in accordance with GRI Standards (Core option) and reported with reference to the SASB Real Estate standard.

sustainability_report p.49

Net zero carbon by 2030 commitmentData confidence — high

Landsec is committed to becoming a net zero carbon business by 2030, with a defined transition strategy including renewable PPAs, embodied carbon reduction targets per development, and an internal shadow carbon price of £80/tCO2e.

sustainability_report p.42

75% recycling target deadline extended from 2020 to 2030Data confidence — high

Landsec did not meet its 2020 75% operational waste recycling commitment (achieved 65% in 2020/21, down from 73% in 2019/20 driven by Covid-19 reduction in recyclable materials). The deadline has been extended to 2030 and waste commitment expanded to include construction waste.

sustainability_report p.19

Construction waste added to waste reportingData confidence — high

Waste commitments expanded to include construction waste from new developments, with reporting of total volumes, recycling rates and landfill diversion across the development pipeline.

sustainability_report p.19

Construction waste added to waste reporting (from 2020/21)Data confidence — high

In line with the expanded waste management commitment, since 2020/21 the company began reporting on the total volume of waste arising from new developments, including excavation, demolition and construction waste, and recycling rates achieved.

sustainability_report p.9

£135m Net Zero Transition Investment Plan launchedData confidence — high

In November 2021, Landsec established a £135m investment plan to fund decarbonisation initiatives through 2030: replacing gas-fired boilers with air-source heat pumps, BMS optimisation with AI, on-site solar PV expansion, customer energy engagement. £8.2m invested by FY2023/24, with £5.9m in 2023/24.

sustainability_report p.111

Energy reporting methodology updated; baseline and prior years restatedData confidence — high

In 2020/21 Landsec removed three previous adjustments (kWh electricity equivalent, degree day correction, removal of cooking gas) so reported energy reflects actual consumption. Baseline (2013/14) and previous years' performance have been restated.

sustainability_report p.7

Covid-19 materially reduced energy and emissionsData confidence — high

Covid-19 restrictions were the main driver of carbon and energy reductions in 2020/21 (~10,689 tCO2e reduction attributed to Covid restrictions out of total 22% YoY reduction). Landsec notes performance does not reflect normal operating conditions.

sustainability_report p.17

Primary supplier data integrated into Scope 3 inventoryaffects scope 3 purchased goodsData confidence — high

In 2020/21 Landsec launched a supply chain sustainability questionnaire and integrated primary supplier data into Scope 3 inventory (over 900 suppliers, ~half of spend), improving accuracy of supply chain emissions calculations.

sustainability_report p.47

2020· 7 events

Reporting segments changed from Retail/London to Office/Retail/SpecialistData confidence — high

Following changes in financial reporting, the previous Retail Portfolio and London Portfolio segments were split into three new segments: Office, Retail and Specialist. Affects segment-level comparability.

sustainability_report p.7

Science-based target tightened to 1.5°C alignment (70% by 2030)affects scope 1 co2eData confidence — high

In 2019 Landsec increased the ambition of its science-based target to align with a 1.5°C scenario, raising the carbon reduction goal to 70% by 2030 vs a 2013/14 baseline (previously 40% carbon intensity reduction). Includes Scope 1, 2 and a portion of Scope 3 downstream leased.

sustainability_report p.18

SBTi target tightened to 70% absolute reduction by 2030, aligned with 1.5°Caffects scope 1 co2eData confidence — high

Landsec achieved its original target to reduce carbon intensity by 40% by 2030, 11 years early. The target was updated to a 70% absolute carbon emissions reduction by 2030 from a 2013/14 baseline, aligned with SBTi's 1.5°C methodology. First UK REIT to have a 1.5°C-aligned science-based target.

sustainability_report p.4

Net zero carbon by 2030 commitment announcedData confidence — high

In November 2019, Landsec announced commitment to become a net zero carbon business by 2030, including operational emissions and embodied carbon from construction, with offsetting as last resort.

sustainability_report p.34

Stopped biogas purchases; Scope 1 now location-based onlyaffects scope 1 co2eData confidence — high

Between April 2017 and March 2019 at least 15% of gas purchases were green biogas, reported under both location- and market-based methods. Landsec did not purchase biogas in 2019/20, so Scope 1 emissions for the year are reported using only the location-based method. Proportion of fuels from renewable sources dropped from 16% to 0%.

sustainability_report p.9

TCFD physical risk modelling updated using UKCP18Data confidence — high

Flood risk, sea level rise, temperature, precipitation and energy modelling updated in 2019 using UKCP18 climate projections (previously CMIP5/CCRA). Flood-risk floor-area figures restated for all prior years due to methodology change.

sustainability_report p.38

First-time disclosure of total social value (£) under assuranceaffects scope 3 co2eData confidence — high

2019/20 was the first year Landsec sought external limited assurance over its total social value KPI.

sustainability_report p.43