In a capital markets update, the business outlined plans to reduce capital allocated to new office-led development starts by at least half over the next two to five years, once it has completed its current pipeline.

Development capacity will be shifted to residential-led projects “where returns are expected to be similar, but risk is lower”.

Over the same period, Landsec aims to sell £2bn of office-led assets to fund its expansion in residential.

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The move is expected to result in a “more balanced” portfolio by 2030 in response to the evolving nature of modern cities.

Since Landsec’s strategy review in October 2020, the company has made targeted investments and over £3bn of disposals.

The next phase of the company's strategy will see it move towards higher income, higher income growth, and lower cyclicality.

As part of this, Landsec will further rebalance its portfolio mix, with more investment in growing its retail platform and the establishment of a £2bn-plus residential platform.