Britain's biggest property company sees its portfolio value plummet

Britain's biggest property company sees its portfolio value plummet



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Optimism has been dampened somewhat in recent days by the jump in unemployment numbers and some tough talking by industry experts who have advised us all against mistaking market bounces for all-out recovery.

Now Land Securities, the largest property company in

Britain

, has released some pretty grim year end figures in a further reality check.

The group has announced that the value of its portfolio fell by £4.74 billion in the year to end-March, with its investment properties now valued at £7.93 billion.

Whilst it reported gross rental income across its

London

and Retail property divisions increased by a total of £14.3 million, the amount of empty space, or rental void rate, in its portfolio grew to 4.6% - up from 3.5% last year.

Chief executive, Francis Salway, said that conditions would remain “challenging in a weak economic environment.”

Land Securities shares have plummeted by almost 60% over the last year, but the group maintains that its financial future has been improved by £1.1 billion of asset sales and its £756 million equity issue earlier this year.

 

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