Landsec has reported a fall in the value of its assets of more than £ 500 ##m ( $ 100 m ) to £ 13.8bn , due to retail tax problems . The firm reported annual pre - tax losses of £ 123 m in the year to March . Struggling businesses closing their shops or using insolvency procedures to reduce their rents took £ 10 m from Landsec ’s rental income . Meanwhile , the closure of some retailers helped cut 11.7 % from the value of its shopping centres and 15.5 % from its retail portfolio . The value of Landsec ’s portfolio of London stores 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.