Owner of Meadowhall and Drake Circus malls writes down portfolio to £4.8bn amid rising costs across sector
British Land, which owns shopping centres including Sheffield’s Meadowhall and Drake Circus in Plymouth, has had nearly £600m wiped off the value of its retail empire over six months. It also reported a bigger half-year loss due to torrid conditions in the retail industry.
The property company has written down the value of its retail investments by 10.7% to £4.8bn in its latest financial results, which cover the first half of the year. The drop comes after an 11.1% write-down in the 12 months to 31 March.