Retail CVAs hit British Land

Drake Circus, Plymouth

The challenging retail market has taken its toll on British Land, which has reported a fall in occupancy level across its shopping portfolio this morning.

While occupancy levels across its property portfolio remained unchanged at 98%, gains in office lettings have been offset by occupancy in the retail portfolio falling from 98% to 96%. In its latest trading update to the market British Land revealed the impact of company voluntary arrangements (CVAs) now accounts for 1.6% of group rent, up from 1% at the full year figures in May.

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