West End landlord, Shaftesbury, sees losses spike after hospitality and retail closings during lockdown weighed on rental income
- The company posted a loss of £ 338.6 million in the six months to the end of March
- Lower rental income, high vacancy rates and rent waivers are affecting real estate income
- Shaftesbury’s trust has grown since hospitality and retail locations reopened
National lockdowns continued to weigh heavily on Shaftesbury as the half-year losses increased as the coronavirus continued to hit the hospitality and retail sectors.
The West End landlord posted a loss of £ 338.6m in the six months to the end of March compared to £ 287.6m in the same period last year, mainly due to a loss in value of more than £ 340m.
During the reporting period, it was found that there was only seven weeks of trading – with social distancing and lower footprint restrictions – and only three weeks of trading over the “important” Christmas and New Years period.
Quiet Streets: Shaftesbury has been hurt by its portfolio focus on