Sunday, November 9, 2008
And these people are supposed to be experts?
LAND SECURITIES is expected to lay bare the full extent of the commercial-property bloodbath this week when it puts plans for a demerger on ice and unveils a shock 20% drop in the net value of its assets. A virtual shutdown in commercial-property lending has combined with falling occupier demand and a steep decline in rents to push values down sharply since the collapse of Lehman Brothers in September. Analysts were this weekend slashing forecasts for Land Securities’ half-year results to show a fall of more than 20% in its net asset value per share from £19.56 to between £15 and £16.