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British Land’s portfolio valuation plummets 10.1%

British Land has reported a 10.1% drop in the value of its property property as the covid-19 pandemic takes its toll on the group’s retail portfolio.

For the year ending 31 March 2020, British Land’s portfolio valuation plummeted by £1.2bn, from £12.3bn to £11.1bn.

The FTSE 100 REIT said that the drop was driven by a 26.1% fall in values in the group’s retail property. Its office portfolio was up 2.3%, while its developments were also up – by 6.5%.

As a result of the valuation fall, British Land’s EPRA NAV was down 14.5% for the year at 774p.

Overall, the group said it had collected 68% of the rent for the current quarter (97% for offices and 43% for retail), which equates to 91% adjusting for rent deferred, forgiven or moved to monthly payments.

British Land previously announced it had released smaller retail, food & beverage and leisure tenants from rental obligations for three months to June, equating to lost rent of £2m. It also agreed to £35m of rent deferral to tenants experiencing financial challenges as a result of covid-19.

Meanwhile, the company said that it had restarted work on all of its major sites – including 100 Liverpool Street and 1 Triton Square – having suspended developments in March for health and safety reasons.

BLND : British Land’s portfolio valuation plummets 10.1%

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