Capital Shopping May Have to Write Down Properties, Analyst Says

Capital Shopping Centres Group Plc, the U.K.’s largest publicly traded mall owner, may have to write down property values, Deutsche Bank AG analyst Martin Allen said. The shares fell as much 3.2 percent in London.

The company known as CSC signed 56 leases in the third quarter to generate a net 3 million pounds ($4.2 million) in additional annual rental income, according to a statement today. On average, tenants will pay 10 percent less than the rental value that appraisers had estimated, CSC said. Six leases accounted for most of the shortfall, according to the company.