Landlord pair British Land and Land Securities take £1.2bn hit amid crisis on the High Street
More than £1.2billion has been wiped off the value of properties which are owned by two of Britain’s biggest landlords.
British Land said the value of its estate fell by £654million last year following an 11 per cent slump at its retail parks and shopping centres amid a crisis on the High Street.
The update came just a day after rival Land Securities said £557million had been wiped off its portfolio last year for similar reasons.
Retail woes: British Land’s assets include the Broadgate offices in London and the Meadowhall shopping centre in Sheffield (pictured)
Landlords have been hammered as retailers shut stores and seek rent reductions amid rising costs and competition online.
Shopping centre owners Intu and Hammerson have also suffered.
British Land, which owns assets such as the Broadgate offices in London and the Meadowhall shopping centre in Sheffield, sold a number of properties last year, meaning its estate value is down from £13.7billion to £12.3billion.
It swung to a loss of £319million, which was down from a £501million profit the year before.