British Land retail portfolio value takes hit
Property giant British Land has reported a rise in rental growth, but the value of its portfolio has taken a hit.
British Land, owner of centres including Sheffield’s Meadowhall, said it achieved like-for-like rental growth of £15m last year, “more than offsetting the £14m impact of retail CVAs”. However, the value of its portfolio fell by 4.8%, driven by retail which was down 11.1%.
British Land chief executive Chris Grigg said: “Retailers continue to face the challenge of fundamental structural change compounded this year by short-term operational headwinds.
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