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12 May 2020 | 07:05

Land Securities pulls divi, warns of tenant failures

(Sharecast News) - Property developer Land Securities pulled its final dividend and warned of tenant failures across its portfolio as full year losses widened and asset values fell. The company posted a pre-tax loss of ?837m compared with a loss of ?123m a year ago while its asset valuation was down 8% to ?1.2bn, due to an already tough trading environment exacerbated by the coronavirus pandemic and associated retail shutdowns.

"While it is too early to predict outcomes with any certainty, it seems prudent to plan for more business failures and higher vacancy rates across our portfolio, in particular leisure and retail, and we don't expect to see the economy recover to pre-Covid-19 levels before 2022 at the earliest," the company said on Tuesday.
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