Landlord pair British Land and Land Securities take £1.2bn hit

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Submitted March 26th 2022 & consists of 457 words.
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More than £1.2billion has been wiped off the value of properties which are owned by two of Britain’s biggest landlords.

British Land said the value of its estate fell by £654million last year following an 11 per cent slump at its retail parks and shopping centres amid a crisis on the High Street.

The update came just a day after rival Land Securities said £557million had been wiped off its portfolio last year for similar reasons.

Retail woes: British Land’s assets include the Broadgate offices in London and the Meadowhall shopping centre in Sheffield (pictured)

Landlords have been hammered as retailers shut stores and seek rent reductions amid rising costs and competition online.

Shopping centre owners Intu and Hammerson have also suffered.

British Land, which owns assets such as the Broadgate offices in London and the Meadowhall shopping centre in Sheffield, sold a number of properties last year, meaning its estate value is down from £13.7billion to £12.3billion.

It swung to a loss of £319million, which was down from a £501million profit the year before.

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<!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'><html><head><title>Write About Everything | Landlord pair British Land and Land Securities take £1.2bn hit</title></head><body><h3>Landlord pair British Land and Land Securities take £1.2bn hit</h3><br><br> By:  <br><br><p class="mol-para-with-font">More than £1.2billion has been wiped off the value of properties which are owned by two of Britain's biggest landlords.</p><p class="mol-para-with-font">British Land said the value of its estate fell by £654million last year following an 11 per cent slump at its retail parks and shopping centres amid a crisis on the High Street.</p><p class="mol-para-with-font">The update came just a day after rival Land Securities said £557million had been wiped off its portfolio last year for similar reasons.</p><div class="artSplitter mol-img-group" style="style"> <div class="mol-img"> <div class="image-wrap">  </div>  <img id="i-4f07c486afe4397" height="407" width="634" alt="Retail woes: British Land's assets include the Broadgate offices in London and the Meadowhall shopping centre in Sheffield (pictured)" class="blkBorder img-share" />  </div> <p class="imageCaption">Retail woes: British Land's assets include the Broadgate offices in London and the Meadowhall shopping centre in Sheffield (pictured)</p></div><p class="mol-para-with-font">Landlords have been hammered as retailers shut stores and seek rent reductions amid rising costs and competition online.</p><div><div data-track-module="am-related_carousel^related_carousel" data-track-selector=".rotator-panels a:not([class*=external])" data-dm-rotator-rotate="false" data-track-pos="static" data-dm-rotator-auto-init="" id="p-20" class="related-carousel with-fb-or-tw money" data-dm-rotator-active-class="active" data-dm-rotator-page-count="1.0" data-dm-social-article-auto-init="" data-dm-rotator-page-size="1"> <div class="rotator bdrcc"> <div class="rotator-title"> <h2>RELATED ARTICLES</h2> <ul class="rotator-pages link-xocc"> <li class="rotator-prev"></li> <li></li> <li class="rotator-next"></li> </ul> </div> <ul class="rotator-panels link-bogr1 linkro-ccox"> <li>     </li> </ul> </div> <div class="fb"> <h2>Share this article</h2> <div class="big-share"><span class="wai">Share</span></div> </div> </div> </div><div class="moduleHalf"><div class="money item html_snippet module">  </div> </div><p class="mol-para-with-font">Shopping centre owners Intu and Hammerson have also suffered.</p><p class="mol-para-with-font">British Land, which owns assets such as the Broadgate offices in London and the Meadowhall shopping centre in Sheffield, sold a number of properties last year, meaning its estate value is down from £13.7billion to £12.3billion.</p><p class="mol-para-with-font">It swung to a loss of £319million, which was down from a £501million profit the year before.</p><div class="moduleFull"><div class="money item html_snippet module"> <p><i><u>#fiveDealsWidget .dealItemTitle#mobile display:none</u></i></p><p>#fiveDealsWidget display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px</p><p>#fiveDealsWidget div, #fiveDealsWidget a margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif</p><p><strong><u>#fiveDealsWidget .widgetTitleBox display:block; float:left; width:100%; background-color:#af1e1e;</u></strong></p><p>#fiveDealsWidget .widgetTitle color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px;</p><p>#fiveDealsWidget a.dealItem float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;</p><p>#fiveDealsWidget a.dealItem#last margin-right:0</p><p>#fiveDealsWidget .dealItemTitle display:block;  margin:10px 5px; color:#000; font-weight:bold</p><p>#fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img float:left; display:block; margin:0; padding:0</p><p>#fiveDealsWidget .dealItemImage border:1px solid #ccc</p><p>#fiveDealsWidget .dealItemImage img width:100%; 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margin-bottom:5px; padding-bottom:0px</p><p>#fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last  width:100%</p><p>#fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage float:left; display:inline-block</p><p>#fiveDealsWidget .dealItemImage width:35%; margin-right:1%</p><p><u>#fiveDealsWidget .dealItemContent width:63%</u></p><p>#fiveDealsWidget .dealItemTitle margin: 0px 5px 5px; font-size:16px</p><p>#fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate clear:both</p> <div id="fiveDealsWidget"> <div class="widgetTitleBox"> <div class="widgetTitle">TOP DIY INVESTING PLATFORMS</div> </div>  <div class="deals">          </div>  <div style="float:left;width:100%;margin-top:5px;background-color:#af1e1e"> <div style="font-size:18px;margin:6px 10px 6px 10px;color:#fff"> <div> </div> </div> </div> </div> <div style="clear:both"></div> </div> </div><p class="mol-para-with-font"> </p></div><br><br><b>Article Courtesy of</b> <a href='https://wr1te.com'>Write About Everything</a><br>
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