Property group Landsec doubles down on London

Landsec, one of the UK’s largest listed real estate companies, is increasing its focus on London after a year that saw its losses widen and property values fall. The FTSE 100 company made a loss before tax in the year to March 31 of £123m, according to annual results published on May 14. This was almost triple the £43m Landseclost in the previous 12 months. The value of the company’s portfolio dropped to £13.8bn from £14.4bn a year earlier. Landsec said its retail portfolio had taken a significant hit due to falling rents and higher vacancies. The value of the group’s shopping centres fell by 11.7% during the year, while its retail parks suffered a sharper decline of 15.5%. Landsec’s London office portfolio, by comparison, saw the smallest change in value, nudging down just 0.1%.