Value of property company’s retail assets decline as Covid-19 drives down rental income
British Land has become the second major property company to write down the value of its portfolio by almost £1bn after the Covid-19 pandemic led to a sharp fall in the rental income it receives from retailers.
The owner of the Meadowhall shopping centre in Sheffield and Drake Circus in Plymouth cut the value of its property portfolio by 7.3% to £11.2bn. Its write-down mirrors the one undertaken by Land Securities (Landsec), which owns Trinity Leeds shopping centre, Bluewater in Kent and the One New Change shopping centre in the City of London, last week.
