Landsec stock forecast 2027–2029
MyStockButler's November 2026 analysis: The weighted scenario is 641.26p in November 2027 and 744.77p in November 2029, including dividends. It hinges on FY27–FY28 office lease-up and incentives.
Where could Landsec's shares be by November 2029?
Our weighted forecast is 641.26p in November 2027, a 2% total return, and 744.77p in November 2029, a 30% total return; returns include dividends. The bear, base and bull probabilities are 25%, 55% and 20%.
The range is wide because property values, leasing and financing can move together. By November 2029, the bear case gives 449.46p while the bull case gives 977.25p.
| Case | Probability | November 2027 | November 2028 | November 2029 |
|---|---|---|---|---|
| Bear | 25 % | 510.61 (-18 %) | 465.50 (-18 %) | 449.46 (-14 %) |
| Base | 55 % | 663.74 (+5 %) | 739.05 (+23 %) | 794.46 (+37 %) |
| Bull | 20 % | 742.75 (+17 %) | 870.01 (+42 %) | 977.25 (+65 %) |
| Weighted | 100 % | 641.26 (+2 %) | 696.86 (+16 %) | 744.77 (+30 %) |
What has to go right for Landsec's shares?
The bear case uses 51.0p in 2027, below the current estimate, then 49.0p and 50.0p. Slow office lease-up, incentives, weaker retail income and financing pressure explain the decline. The bull case uses 57.0p initially, then 62.0p and 65.0p, requiring faster leasing, stronger retail trading and better Metrocentre execution. Stable EPRA earnings of £355 million to £393 million across FY22–FY26 support the base case, while 4.6% rental growth and 2.0% vacancy support the upside.
In the bull story, offices lease faster with limited incentives, retail destinations outperform and Metrocentre improves income. Easing property yields then lift values, improve leverage optics and support a higher multiple. The price reaches 742.75p first and 977.25p by the final date.
| November 2027 | November 2028 | November 2029 | |
|---|---|---|---|
| EPRA earnings | 458 (424 / 473) | 490 (407 / 515) | 506 (415 / 540) |
| Shares (millions) | 828 (829 / 828) | 829 (830 / 828) | 829 (831 / 828) |
| Dividends per share | 0.41 (0.41 / 0.41) | 0.41 (0.41 / 0.41) | 0.41 (0.41 / 0.41) |
| Price to EPRA earnings | 12.00 (10.00 / 13.00) | 12.50 (9.50 / 14.00) | 13.00 (9.00 / 15.00) |
How much cash does Landsec really make?
In the year to March 2026, Landsec recorded £9 million of stock pay and spent £27 million buying shares for employee awards. Future earnings must therefore support a larger share count.
What does an investor pay for Landsec today?
| Today (Nov 2, 2026) | |
|---|---|
| Share price | 669.00 |
| Market value (calculated) | 5,542.67 |
| Price to EPRA earnings (calculated) | 13.1x |
| Price below net tangible assets per share (calculated) | 24.1% |
| Dividend yield (calculated) | 6.2% |
What this means. The dividend yield adds the two different payments made during the year instead of assuming the larger payment happened twice.