People are seen in the Chinatown district as the government raises the local COVID-19 alert level to ‘High’, amid the outbreak of the coronavirus disease (COVID-19) in London, Britain, October 17, 2020. REUTERS/Toby Melville
Retail landlord Shaftesbury Plc (SHB.L) reported on Tuesday a wider half-year loss, as pandemic-related restrictions battered the business of its core tenant group of non-essential retailers, restaurants and cafes.
Commercial property firms heavily exposed to non-essential retailers are among the worst hit in the UK real-estate sector, fighting steep valuation deficits and reduced footfall, as rental income dwindled due to strict COVID-19 restrictions.
The London-based real estate investment trust, which owns a 16-acre portfolio in the heart of the city’s West End, said loss after tax for the six months ended March 31 came in at 338.5 million pounds ($479.89 million), compared with a loss of 287.6 million pounds a year earlier.
The FTSE 250 company said its EPRA net tangible assets (NTA) – a per-share measure that reflects the value of its buildings – plunged…
