Havoc wreaked on British Land’s estate of shops and offices by the coronavirus crisis has put it on the back foot.
The pandemic sent shopper numbers plunging and left offices empty as lockdown forced people to stay at home.
That resulted in a third annual loss in a row for British Land, whose empire includes the Meadowhall shopping centre in Sheffield and office blocks in the City of London.
Retail strife: Covid sent shopper numbers plunging resulting in a third annual loss in a row for British Land, whose empire includes Sheffield’s Meadowhall shopping centre (pictured)
The company posted losses of £1.08billion in the year to March 31, slightly better than the £1.11billion in the previous year.
And the value of its property portfolio fell by 10.8 per cent – or £1.1billion – to £9.1billion. The firm warned the market was set to ‘remain tough’ as rents continue to decline.
Chief executive Simon Carter said it had been an ‘extraordinary year’ that had ‘compounded existing challenges’ for retailers.
More than £1billion was wiped off British Land’s stock market value yesterday, as the shares slid 3.7 per cent, or 19p, to 500.6p.
<div class="art-ins mol-factbox floatRHS money" data-version="2" id="mol-1837cda0-be55-11eb-8af2-312aef088aa3" website REPORT: Empty offices wipe £1bn off British Land
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