British Land property value plunges

THE owner of Meadowbank Retail Park has seen the value of its properties plunge by ten per cent.

British Land, whose chief executive Stephen Hester recently accepted a new job as boss of Royal Bank of Scotland, said office buildings were worst affected, falling by 13 per cent in the six months to the end of September.

High street assets also dipped by 12.7 per cent as the company posted a pre-tax loss of £1.33 billion in the first half of its year.

Chairman Chris Gibson-Smith said the company operated well "against a backdrop of heightened stress in the markets".

He said: "While values have been marked down reflecting further softening in prime yields, our high occupancy levels and long leases, plus a diversity of tenants and industries, ensure cash flow security."