British Land retail property portfolio haemorrhages tenth of value

Meadowhall shopping centre Sheffield

British Land is the latest institutional landlord to suffer as the high street malaise reduced its retail property portfolio values by a tenth.

The landlord reported that its retail property portfolio shed nearly £600m in value in the six months to September, as the ongoing travails facing the high street took its toll.

The value of British Land’s shopping centres, retail parks and stores fell 10.7% to £4.8bn, which dragged the business to a pre-tax loss of £440m, a £42m loss on the same period a year earlier.

British Land, which owns shopping centres such as Sheffield’s Meadowhall, sold £236m of retail assets during the period, including £194m worth of Sainsbury’s supermarkets.

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