Is British Land’s heavier markdown in the value of its assets than its major rival a sign of prudence or evidence of a more brutal reality?
The commercial landlord took a 12 per cent reduction in the underlying value of its portfolio, worse than analysts had forecast and higher than Land Securities’ 8 per cent a day earlier. That translated into a 18 per cent fall in the net asset value to 596p a share, compared with the same point last year.
The culprit for British Land’s more dramatic downfall is a higher weighting towards the City of London, which has suffered a steeper fall than the West End, and a tilt towards urban logistics assets in the centre of the capital, which had clocked
