Institutional landlord Landsec has revealed a near £1.2bn hole in its property portfolio and warned that it does not expect the economy to recover to pre-coronavirus levels until 2022 at the earliest.
For the financial year ending March 31, 2020, Landsec said the value of its property portfolio fell by 8.8%, or £1.17bn, to £12.8bn, with its retail portfolio in particular taking a hammering.
The value of its retail property portfolio fell 20.5% during the period, which Landsec said was a direct result “of the challenging environment and ongoing structural changes” in the sector, which have only been further exacerbated by the coronavirus.
Revenue profits fell 6.3% to £414m for the period, while losses before tax ballooned to £837m.
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