Landsec warned Brexit will to lead to a “subdued” property market as the UK approaches its European Union exit, as it revealed a 2.7% fall in net asset value and a pre-tax loss in its annual results.
In the 12 months to 31 March, the UK’s largest real estate group posted NAV per share of £14.18, down from £14.58 at the same point last year, while it slumped to a pre-tax loss of £251m, compared to a profit of £112m last year. The FTSE 100 developer attributed the loss to its focus on cutting the cost of its debt, repurchasing £1.5bn of bonds over the 12 months before reissuing £1.4bn.
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