The value of the portfolio of one of the UK’s largest listed property companies fell by more than £500 million in a year because of fallout from the troubled retail sector. Landsec, which owns the shopping centres Trinity Leeds and Gunwharf Quays in Portsmouth, reported a pre-tax loss of £123 million for the year to March 31 after writing down the value of its shopping centres and other assets by £557 million to £13.8 billion. The FTSE 100 developer lost £10 million of rent from retailers over the year as struggling businesses shut shops or used insolvency procedures to cut rents. Retailers’ failures contributed to an 11.7 per cent fall in the value of Landsec’s shopping centres to £2.6 billion, while the value of its
Landsec has reported a fall in the value of its portfolio of more than £ 500m ($645m) to £13.8bn, due to retail sector problems. The company said it was "disappointed" by the news, but that it had been able to maintain its dividend and capital return targets. Struggling businesses closing their shops or using insolvency procedures to reduce their rents took £10m from Landsec’s rental income. Meanwhile, the failure of some retailers helped cut 11.7% from the value of its shopping centres and 15.5% from its retail parks. The value of Landsec’s portfolio of London offices was flat, at almost £5.3bn.