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 firm reported annual pre-tax losses of £123m in the year to March. 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 15.5% from the value of its shopping centres and 11.7% from its retail parks. The value of Landsec’s portfolio of London offices was flat, at almost £5.3bn.
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 firm reported annual pre-tax losses of £123m in the year to March. 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.