Coronavirus has wiped more than £1bn from the value of the shops and offices owned by British Land, one of the UK’s largest landlords, over the past year.
The value of the FTSE 100 company’s property holdings fell more than 10 per cent to £9.1bn as the pandemic forced businesses to close and dimmed the longer term outlook for many high streets and shopping centres.
The impact of Covid-19 did not fall evenly across the company’s portfolio, which includes Broadgate, a large office complex in the City of London, a significant development site at Canada Water in east London and an array of shopping centres and retail parks around the country.
Offices, which make up the bulk of the company’s assets, lost 3.8 per cent of their value in the year to March 31, said the company on Wednesday. Shopping centres lost 36 per cent, close to 10 times that.
With many retail tenants unable or unwilling to pay rent for much of the year, British Land’s underlying profit fell 34 per cent year on year to £201m.
In response to the crisis British Land has said it will narrow its focus to a handful of campuses, which include Broadgate and Canada Water, and invest in urban logistics.