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.
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.