Landsec trumpets new developments despite retail woes

Trinity Leeds

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.

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