{"id":161486,"date":"2019-05-15T18:40:40","date_gmt":"2019-05-15T18:40:40","guid":{"rendered":"https:\/\/www.theindustry.fashion\/british-retail-woes-wipe-1-4bn-of-british-land-property-portfolio\/"},"modified":"2021-08-12T13:56:28","modified_gmt":"2021-08-12T13:56:28","slug":"british-retail-woes-wipe-1-4bn-of-british-land-property-portfolio","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/british-retail-woes-wipe-1-4bn-of-british-land-property-portfolio\/","title":{"rendered":"British retail woes wipe \u00a31.4bn of British Land property portfolio"},"content":{"rendered":"<p>Britain\u2019s retail woes dragged back property giant British Land as it saw<strong> \u00a31.4bn wiped off the value of its property portfolio.<\/strong><\/p>\n<p><!--more-->The FTSE 100 company <strong>swung to a \u00a3319m loss for the year to March 2019,<\/strong> down from a \u00a3501m profit last year, as instability in the retail sector pulled down property prices.<\/p>\n<p>The value of British Land\u2019s properties <strong>declined by 4.8% to \u00a312.3bn,<\/strong> while its high street rents also significantly declined.<\/p>\n<p>It said that <strong>struggles on the High Street cost it \u00a314m in rent<\/strong>, following moves by tenants to use company voluntary arrangements (CVAs) to allow them to seek rent cuts or shut outlets.<\/p>\n<p>The Meadowhall owner\u2019s <strong>retail property portfolio dived in value by 11.1%<\/strong> during the period, although the firm said it still \u201coutperformed footfall and sales benchmarks\u201d.<\/p>\n<p>The impact of declines in the retail sector echoed that of rival Land Securities group, which announced on Tuesday that the value of its property portfolio has fallen by more than \u00a3500m.<\/p>\n<p>However, British Land said the impact of rental insolvencies was <strong>offset by \u00a315million in like-for-like rental growth.<\/strong><\/p>\n<p>It reported 1.1% in value growth in its office portfolio, while its developments arm saw value rise by 10.8%.<\/p>\n<p>British Land also said it would <strong>extend its share buyback programme by \u00a3125m<\/strong>, after buying back \u00a3500m worth of shares over the past two years.<\/p>\n<p>Chris Grigg, chief executive, said: \u201cThis has been another year of good strategic and operational progress in an uneven market, as retail remained challenging but the London office market continued to be healthy.<\/p>\n<p>\u201cLooking ahead, retail is likely to remain challenging as structural change continues but there are early signs on parts of our portfolio, that<strong> some of the short-term operational headwinds impacting retailers are easing.<\/strong><\/p>\n<p>\u201cWe are mindful of the ongoing Brexit uncertainty, but our business is well-positioned and financially strong.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":150423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[11870,11869],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>British retail woes wipe \u00a31.4bn of British Land property portfolio - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Britain\u2019s retail woes dragged back property giant British Land as it saw \u00a31.4bn wiped off the value of its property portfolio. 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