By Hugh Radojev2019-11-12T11:52:00
Landsec is pushing ahead with 1 million sq ft of new London property developments as it seeks to offset falling portfolio values bought on by the troubles in the retail sector.
The landlord, which owns shopping centres such as Trinity Leeds and Gunwharf Quays in Portsmouth, wrote down the value of its overall portfolio by £368m for the six months to the end of September.
It said this decline in asset values was driven predominantly by the issues facing retail and leisure, which accounts for roughly half of its portfolio.
Particularly hard hit was the value of its retail park portfolio, which fell 11.1% to £523m, while regional shops and shopping centres fell 9.4% to £1.9bn.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.