British Land saw the value of its property portfolio fall by £3.2 bn (EUR 3.6 bn) in the year to end-March, a decline of 28%. But the group, which raised £740 mln through a rights issue in February, said that it remained well within its banking covenants despite the greater-than-expected hit to its asset value.
British Land saw the value of its property portfolio fall by £3.2 bn (EUR 3.6 bn) in the year to end-March, a decline of 28%. But the group, which raised £740 mln through a rights issue in February, said that it remained well within its banking covenants despite the greater-than-expected hit to its asset value.
Net asset value per share fell 64% to 398p. The FTSE 100 company valued its portfolio, which includes a 50% stake in the Meadowhall shopping centre in Sheffield, at £8.6 bn at March 31, down from £11.8 bn the previous year. Last week, Land Securities, its larger rival, said that the value of its portfolio had shed £4.7 bn or 34%.
Chairman Chris Gibson-Smith said British Land would continue to focus on the enduring fundamentals of activist property management. 'We have the capacity and intention to take on the new challenges that will arise and seize opportunities where we see value.'
