High St slump hits landlords

MORE than £1.2bn has been wiped off the value of properties which are owned by two of Britain’s biggest landlords.

British Land said the value of its estate fell by £654m last year following an 11pc slump at its retail parks and shopping centres amid a crisis on the High Street.

The update came just a day after rival Land Securities said £557m had been wiped off its portfolio last year for similar reasons.

Landlords have been hammered as retailers shut stores and seek rent reductions amid rising costs and competition online.

Shopping centre owners Intu and Hammerson have also suffered.

British Land, which owns assets such as the Broadgate offices in London and the Meadowhall shopping centre in Sheffield, sold a number of properties last year, meaning its estate value is down from £13.7bn to £12.3bn.

It swung to a loss of £319m, which was down from a £501m profit the year before.