British Land slumped to an £1.1bn annual loss as the coronavirus pandemic turbo-charged a shift to online shopping and sent the price tag of the landlord’s retail properties tumbling. The value of the company’s empire – which includes a development in Canada Water and other prime central London properties – fell by 10.1pc in the year ending March 31, tumbling from £12.3bn to less than £11.2bn. This collapse was driven by a 26pc fall in the value of its retail portfolio, mostly due to the shift to online shopping. The coronavirus lock-down -which came into force about one week before the year end – accounts for about 6pc of the decline in value. Post-tax losses of £1.1bn compared to a loss of £320m last year.
SOURCE: MoneyFacts [telegraph.co.uk – 27.5.20.]