Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Property companies' profits rocked by Brexit vote

Property firms Land Securities and British Land have both swung to a loss after the vote to leave the European Union hit the value of their portfolios.

Meadowhall

Meadowhall

Shopping centre owner British Land made a £205m loss in the six months to the end of October, down from a £823m profit in the same period a year before.

The firm said its property values have dropped 2.8% in the last six months, as investors remain cautious about Brexit.

But Chris Grigg, British Land’s chief executive, said that although there was uncertainty in the commercial property market, it was “better than people expected”.

“In our retail business, we’ve done more deals at better prices in the last six months and I don’t think people expected that,” he said.

Land Securities posted a £95m loss for the six months to 30 September, and warned businesses find themselves in “uncharted territory” following Brexit vote.

The value of its property has fallen by 2.2%.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.