Landsec property values slide as UK retail crisis bites

The value of the portfolio of one of the UK’s largest listed property companies fell by more than £500m in a year because of fallout from the troubled retail sector.

Landsec, which owns the shopping centres Trinity Leeds and Gunwharf Quays in Portsmouth, reported a pre-tax loss of £123m for the year to March 31 after writing down the value of its shopping centres and other assets by £557m to £13.8bn.

The FTSE 100 developer lost £10m of rent from retailers over the year as struggling businesses shut shops or used insolvency procedures to cut rents.

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