Landsec takes 1.18 billion pound hit to property portfolio

Property firm Landsec has cut the value of its portfolio by almost 1.2 billion pounds as it continues to feel the impact of Covid-19.

The company, which owns shopping destinations Westgate Oxford, Bluewater in Kent, Trinity Leeds and St David’s, has revealed that the value of its combined portfolio has fallen by 8.8 percent, around 1.18 billion pounds, to 12.8 billion pounds in the year to March 31.

Its loss before tax increased to 837 million pounds compared to 123 million pounds the year before.

“Landsec’s strong balance sheet and resilient operational performance have enabled us to respond to immediate challenges posed by Covid-19 with speed and decisiveness,” Landsec CEO Mark Allan said in a statement. “Our 80 million pound rent relief fund has offered targeted support to occupiers, alongside broader options of rent deferrals and monthly payments, and our 500,000 pounds of community grants is providing financial assistance to our charity partners.

“I am confident Landsec is approaching the future from a position of strength. We are prepared to be bold in our thinking as we navigate both the challenges and opportunities arising in the long term from changing market trends and will not lose sight of our wider sustainability objectives. We will continue to lead the sector on major issues such as climate change and remain committed to acting as a force for good in the communities in which we operate.”

Photo: Bluewater. Photo credit: Landsec