Commercial Property Poses $61 Billion Headache for U.K. Banks
This article is for subscribers only.
British lenders are bracing for a hit from commercial real estate loans as mall developer Intu Properties Plc becomes the first such firm to ask for emergency relief following the coronavirus outbreak.
Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc had 49.3 billion pounds ($61 billion) in outstanding U.K. commercial real estate loans at the end of last year, according to public filings.