Property company plans for business failures and higher vacancy rates amid Covid-19 pandemic
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Landsec, one of Britain’s biggest property companies, has warnedthe economy is unlikely to recover from the impact of the Covid-19 pandemic until 2022 at the earliest, as it cut the value of its portfolio by nearly £1.2bn and prepared for more empty units at its shopping centres and offices.
The company, which owns the Trinity Leeds shopping mall and Bluewater in Kent, as well as Deutsche Bank’s new London headquarters at 21 Moorfields, said the value of its property portfolio had fallen by 9%, or £1.18bn, to £12.8bn in the year to 31 March.