Shaftesbury, the West End property specialist, suffered its first pre-tax loss for sixteen years as a result of the sharp fall in property values in the UK.
The company, which owns more than 400 properties across Chinatown, Covent Garden and Carnaby Street, reported a 10.5% drop in net asset value over the six months to the end of March.
The revaluation of its properties forced it into a £93.6m loss, compared with a profit of £70.1m in the first half of last year. There was a 6.3% drop in the value of its properties, wiping £89.9m off the value of its £1.33bn portfolio. Total portfolio return was down 4.5% once rental income had been included.
Shaftesbury reported a loss per share of 67.2p, from earnings of 158.1p in the same period last year. Adjusted profit before tax, which strips out revaluation of property, was £7.2m, up by 7.4% against the first half last year.
The West End landlord beat the wider market performance, however, and said the occupier market for its unique portfolio of properties remained very strong.