BL ‘to report heavy losses’


British Land is expected to report losses of £1.3 billion from its commercial property portfolio, it has been reported.

The group is one of the UK’s biggest property development and investment companies and is thought to be ready to announce a ten per cent drop in its value, according to the Sunday Times.

It said that Deutsche Bank is understood to predict British Land’s net asset value per share will have dropped by 16 per cent since September.

The company is a tax-efficient real estate investment trust (REIT). It estimates it has £9.9 billion in retail property, 83 per cent of which is out of town and 12 million sq ft of committed and prospective projects.

This year it expects to finish building 201 Bishopsgate and The Broadgate Tower, which it claims is, "the biggest speculative office development ever undertaken in the City of London".ADNFCR-1329-ID-18453256-ADNFCR