Landsec swings to £835m half-year loss

Landsec swings to £835m half-year loss
Landsec said its outlets recovered "particularly strongly" after reopening during the summer
// Landsec said its recovery was affected by local restrictions
// Second national lockdown led to closures of non-essential services
// Landsec owns Trinity Leeds shopping centre and Bluewater shopping centre

Landsec has swung to an £835 million loss as local Covid-19 restrictions continued to affect its recovery pre-lockdown.

The retail landlord, which owns Trinity Leeds shopping centre and Bluewater shopping centre, posted the loss for the six month period ending September 30, higher than its £147 million loss for the same period last year.

Despite the constraints on the business, the FTSE 100 firm reinstated its interim dividend at 12p per share – half of what it paid out last year.

READ MORE: Landsec to “reimagine” retail and offload a third of its £12.8bn assets

Landsec said its outlets recovered “particularly strongly” after reopening during the summer, and in September, like-for-like sales across the portfolio were less than 10 per cent lower than 2019.

However, trading in its regional shopping centres was hit by restrictions, with the decline in like-for-like sales in September ranging from below 10 per cent to almost 40 per cent in areas where local lockdowns were in place.

“While today’s results clearly show the impact of the pandemic on our business, Landsec remains in a fundamentally strong position,” chief executive Mark Allan said.

“As we begin to look beyond Covid-19, I am confident the business is well placed to capitalise on opportunities as they emerge.

“The investment market for high-quality London office assets, such as those owned by Landsec, has remained robust throughout the pandemic and there is little sign of that interest waning.”

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