Tuesday, May 20, 2008
Pant wetting losses
Times: Slump pushes British Land into £1.6bn loss
British Land, Britain's second largest commercial property company, has written down the value of its shops and offices by £1.9 billion as it slumped to a £1.6 billion loss and gave warning of a further decline in property values for the year ahead.
The decline in its holdings - £1.59 billion from its directly owned property and a £354 million decline in its share of joint ventures - drove the group into a pre-tax loss of £1.6 billion compared with profits of £1.2 billion a year ago.
Posted by rental john @ 02:15 PM (589 views) Add Comment
5 Comments
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1. inbreda said...
"written down the value of its shops and offices "
value is subjective - debt is real.
2. Neo-serf said...
"Written down" = lost
3. Crutchley said...
"written down the value of its shops and offices " ................. on a letter to Santa
4. mark wadsworth said...
Wonderful news for all those people who invested in BL when it converted to REIT status. Bravo Nulabour, enabling the little people to finance the bursting of the property price bubble!
5. tyrellcorporation said...
Even I felt REITs were going to re-energize property to new dizzy heights. Thankfully those fears weren't realised but as you say, many thousands of people have been suckered in.