Landsec cancels final dividend as it warns of “profound” impact of Covid-19 on property sector

Mark Allan

Landsec will not pay a final dividend after reporting a sharp fall in net asset value (NAV) warning the UK economy is unlikely to recover to pre-Covid-19 until 2022 “at the earliest”.

During the lockdown four of Landsec’s shopping centres have been shut, while only 10% of its office space was being used by tenants. Landsec’s new boss Mark Allan also warned the health crisis would have “profound long-term effects” on the property sector.

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