PROPERTY firm Land Securities yesterday announced an 80.4 per cent rise in profits and said it was looking to invest further in the region.

The group, which has sites in Newcastle, Gateshead and Sunderland, said pre-tax profits had soared to £2.4bn in the year to March, while the value of the group's properties rose 15.3 per cent to £12.9bn.

The value of its property portfolio in the North-East, which comprises The Gate leisure venue, Newcastle, Retail World, Gateshead, and The Bridges shopping centre, Sunderland, increased to more than £425m.

Regional director Gerald Jennings said there had been success at The Bridges, where space had been let to tenants such as Monsoon, The Perfume Shop, 3G and O'Briens.

He said: "There's an awful lot happening in Sunderland, and we enjoy being part of that."

Aspers Casino also opened at The Gate and space was let to Hobbycraft, ScS and Borders at Retail World.