Landsec Property Values Slide as UK Retail Crisis Bites

Landsec, the UK’s largest listed property company by assets, saw the value of its portfolio shed more than half a billion pounds in the year to March as a crisis in the retail sector took its toll, the Financial Times reported. The company, whose holdings include a stake in the Bluewater Shopping Centre in Kent, said its assets declined in value by £557m to £13.8bn, led by a 15.5 per cent drop in the value of its retail parks and an 11.7 per cent fall for its shopping centres. The value of the group’s assets had slid by £91m in the previous year. The decline in retail, which makes up about a fifth of Landsec’s portfolio, comes as big retail groups including Debenhams and Arcadia cut down their store portfolios as they battle with the shift to ecommerce and other burdens including higher costs. The declining values led Landsec, which was formerly known as Land Securities, to a £123m loss for the year, worse than the £42m loss a year earlier. Read more