THE owner of a number of landmark properties in the region, including The Bridges shopping centre in Sunderland and Newcastle leisure venue The Gate, reported an eight per cent rise in profits yesterday.
Land Securities is the UK's largest property company and also owns New Scotland Yard.
The company said it had enjoyed a bright start to its financial year after net asset value per share - a key measure of the value of its investments - rose 8.4 per cent to 1443p.
Profits were up proportionally to £196.6m in the six months to September 30, although the better-than-expected result was overshadowed by the prospect of Land making a loss in the full financial year.
The fall into the red stems from a debt restructuring that Land Securities expects to cause a £678m exceptional accounting charge in the second half.
The company owns about 200 properties in the UK, including a number of shopping centres and out-of-town retail parks.
Land Securities also owns the White Rose shopping centre, in Leeds, St David's Centre, in Cardiff, and has a one-third share of the Bullring complex, in Birmingham.
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