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Recently appointed director Robert Noel has made his first investment in Land Securities shares.

Noel is managing director of the company's London Portfolio, a job he started in January 2010. He had previously been an executive director of Great Portland Estates for seven years.

Noel has invested nearly £201,000 in 32,000 shares at 626.89p each. He did not hold any shares before this purchase. He has bought them early enough to obtain the third interim dividend of 7p a share.

Last July, when Noel was still at Great Portland Estates, he sold 171,956 shares in his former company and raised just over £377,000. He still retained shares in Great Portland Estates at that time.

When he was appointed by Land Securities Noel was granted a conditional award over 160,000 shares. These will vest in June 2010, June 2011 and June 2012. No consideration is payable for the shares. They are subject to Noel staying employed by Land Securities.

One year ago, Land Securities raised £756m from a five-for-eight rights issue at a discounted price of 270p a share. Land Securities still had net debt of £4.15bn at the end of 2009. Loan to value is 49.1%.

The company's current plan is to target its investment towards West End office and retail properties, which is Noel's part of the business.

The adjusted diluted net asset value was 565p a share last September. There was a 44% fall in property valuations from peak to trough.

The share price has risen by 8% over the past year.

Top Director Buys

Land Securities Group (LAND)
Director name: Mr Robert Noel
Amount purchased: 32,000 @ 626.89p
Value: £200,605

Berkeley Group Holdings (BKG)
Director name: Mr Nick Simpkin
Amount purchased: 12,000 @ 788.50p
Value: £94,620


Top Director Sells

Euromoney Institutional Investor (ERM)
Director name: Ms Jane Wilkinson
Amount sold: 8,000 @ 482.00p
Value: £38,560