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Land Securities Sees $1.2 Billion Wiped From Property Values

  • Steepest declines seen in regional and London retail assets
  • Landlord’s shares were boosted by vaccine news on Monday
iccadilly Circus in London.

iccadilly Circus in London.

Photographer: Betty LauraZapata/Bloomberg

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Land Securities Group Plc slashed the value of its properties by 945 million pounds ($1.2 billion) as the coronavirus pandemic forces thousands of stores to close.

The company, one of the U.K.’s largest real estate investment trusts, incurred most of the damage in retail assets that lost more than 20% outside London and about 17% in the capital, according to its half-year earnings statement Tuesday. So far it has collected 78% of the rent owed in September, but only half of monies owed by regional retail tenants.