Developer Landsec is putting the brakes on new office projects as it switches focus to snapping up shopping centres across the UK.

At an investor day, chief executive Mark Allan said the company sees greater growth from buying existing retail assets than pressing ahead with major new commercial schemes.

As a result, Landsec’s committed development pipeline will shrink to around £200m by mid-2026.

Allan said the next three years would see Landsec plough £1bn into retail acquisitions, after a series of previous deals proved highly lucrative. Over the same period, it plans to raise around £2bn by selling off office assets.

He told investors: “Having sold £295m of offices well ahead of schedule, Landsec intends to accelerate further capital recycling over the next 12–18 months, to reinvest in major retail.”

The shift means office-led development will be scaled back by at least half in the medium term.

Despite the move, Landsec said it still intends to deliver its residential ambitions, including the Mayfield regeneration in Manchester and the proposed homes above Lewisham shopping centre in south London.