// Shopping centres have taken a £2.7bn hit in the last year as retailers struggle
// This compares to £232 million in write-downs on the value of their properties just the year before
Shopping centre operators have taken a £2.7 billion hit in the last year thanks to struggling retailers, new figures have shown.
The UK’s biggest retail landlords were forced to make £2.7 billion in write-downs on the value of their properties compared to just £232 million the year before, according to Growthdeck Property’s investment arm.
Intu reported write-downs of £1.3 billion last year, while Meadowhall owner British Land took a £620 million hit.
Bluewater owner Land Securities was another victim the crisis, writing down £422 million.
It comes as companies such as Arcadia, New Look and Debenhams slim down their store estates and seek rent reductions in order to keep their businesses stay afloat.
Several of the biggest property owners in the UK have found the value of their prized assets dwindling, as even household name shops become less reliable sources of income.
However, Growthdeck Property property director Michael Ross said some operators were still defying the gloom.
“A blanket devaluation of retail properties means that there could be hidden gems if investors know where to look,” he said.
“Not all occupiers are financially equal.”