The retail landlord has swung to a £835M loss, siting the impacts of Covid-19 as a contributing factor to this result.
Landsec has posted a loss of £835M in the six months period to September 30, much higher than its £147M loss for the same period last year. The company has undertaken a responsible and proactive approach to Covid-19, they’ve launched a £80M support fund for retail, leisure and hospitality customers impacted by the pandemic.
Moving forward the company intends to focus on optimising their central London portfolio, providing sustainable rents and appropriate leasing models and growing urban opportunities to deliver urban mixed use schemes.
Chief Executive Mark Allan, commented: “While today’s results clearly show the impact of the pandemic on our business, Landsec remains in a fundamentally strong position. Together, the high quality of our portfolio and low leverage of our balance sheet provide a solid foundation for executing our growth strategy and creating value for all stakeholders. This strength also means we have been able to take a proactive and responsible approach to the challenges of Covid-19, supporting our communities and customers.”
“As we begin to look beyond Covid-19, I am confident the business is well placed to capitalise on opportunities as they emerge,” concludes Allen.
