NAV and profit slumps at Landsec as retail woes continue to bite

Rob Noel

Landsec has swung to a £147m loss and reported a 3.2% fall in net assets per share as the group’s retail portfolio continued to lose value following a raft of insolvencies and store chain collapses in the first half of the year.

While revenue profit for the six months to 30 September rose 0.4% £225m, the commercial property giant saw NAV per share fall from 1,341p to 1,298p as the valuation deficit jumped from £188m to £368m. Earnings per share went from 5.9p at the same point last year to a loss of 19.6p, while the group’s loan-to-value nudged up to 28.1% and debt rose from £3.7bn to £3.8bn.

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