Landsec property value in capital drops £500m

ONE of London's biggest commercial landlords revealed a drop of almost £500 million in the value of its property portfolio in the capital today, as rising interest rates put the brake on investment demand for shops and offices

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But Land Securities also showed demand from tenants was continuing to rise strongly after the pandemic.

The West End in particular stood out, with its office portfolio there almost fully let at 99.5%, even as property investors stayed on the sidelines, sending the company back to an overall annual loss.

Occupancy across the wider capital neared 96% for the financial year to the end of March at the owner of the world-famous location of the Piccadilly Lights display screen.