Home Commercial Property Land Securities loses £1.39 billion

Land Securities loses £1.39 billion

by LLP Editor
18th May 21 12:28 pm

Land Securities lost £1.39 billion last year as it wrote down the value of its shopping centres, the property giant revealed today.

Across its entire portfolio, the FTSE 100 property company reported that net asset value, a benchmark for property companies, fell by 17.4 per cent to 985p a share in the year to the end of May, down from £11.92p a share.

The company said it had seen a strong performance in England since restrictions on non-essential retail were lifted last month.

Mark Allan, who was parachuted in as chief executive just over a year ago, said: “We are now entering the recovery phase … as a result, there is the real prospect of a strong consumption-led recovery across the remainder of 2021 and 2022.”

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